Gujcot Weekly Report 20-Nov-2021
Posted : June 04, 2022
Market Movement from 15th Nov 2021 to 20th Nov 2021.
- Another volatile week on NY cotton future market. US future market shot up on news of possibility of India export ban but after cotton stake holders indecisive meeting with Union Textile minister market lowered to previous levels. Overall NY December gained 153 point and March gained 135 points during the week.
- With just only 194 bales certified stock December now going to notice period. March is lead month now and major volume in March contract.
- Export sales for week was disappointing of just 1,57,000 in which China’s share was the lowest. Also, very low shipment of just 84,400 bales. But market ignored lower sales and shipment and extended the gain.
- Indian market was in downtrend first time in new season. with government’s effort to call all textile value chain and warn all stake holders to do fair practice in trade, not to hoard and avoid government intervention. Indian ginners were in long position has liquidate big quantity so despite international market was stable to firm.
- In India arrivals have to peak but due to disparity ginners stay side way so in full season looks activity are slows.
- Indian arrivals are near 1,50,000 to 1,70,000 bales while Gujarat arrival is near 45,000 bales a day
- November shipment is due so exporters are active in buying.
- Due to softened yarn price and huge fund requirement mill purchase is slow.
- Hope for stable price coming week.