Gujcot Weekly Report
Posted : June 04, 2022
Market Movement from 25th Oct 2021 to 30th Oct 2021.
- This week was a bull dominated week. NY December Future remained green in all five sessions and closed the week with 659 points weekly gain. Good US export sales and some technical stop loss triggered to reach new high. Expiry of NY December option is in few days so now new hedge trade will be on ICE March future. March is inverted to December nearly 400 points. It shows tightness in current time.
- US Export sales were nearly 3,69,000 bales but shipment was disappointing due to logistical problems.
- Chinese future was not volatile back-to-back with NY.
- Indian Physical cotton market surged to its new lifetime high with weekly rise of 4,400 Rs per Candy which is the highest weekly price rise in recent times
- Despite good all India arrivals of above 1,50,000 bales a day market get uptrend with continuous buying by mills also supported by basis players and exporters.
- Gujarat daily arrivals are close to 35,000 to 40,000 bales a day.
- Indian basis narrowed with sharp rise in physical market.
- Indian Rupee was stable near to 75 Rs a dollar.
- This sharp rise and coming festival holidays have created panic buying by consumers while farmers are enjoying new high rate of their produce.
- Happy festival days to all cotton friends.