Gujcot Weekly Report
Posted : June 04, 2022
Market Movement from 22nd Nov 2021 to 27th Nov 2021.
- This week was stable from Monday to Wednesday. Thursday market was close on occasion of Thanksgiving Day. Friday in short session market fall sharply on news of rise in covid cases in South Africa and many European countries. On Friday March NY gave up nearly 400 points. NY March closed with 465 points weekly loss.
- Export sales slightly better with 2,15,000 bales sales but shipment is still lagging behind with just over 1 lakh bales shipment. Cumulative sales reached near 93 lakh bales but shipment is just over 24 lakh bales.
- Indian cotton market was firm till Friday due to lower arrival than expected in November. Disparity to ginner, firm sentiment of farmers and some festival and marriage season is main factors for lower arrival.
- Indian physical price remained firm near 66,000 till Friday but after big loss in NY and MCX has create down ward sentiment on Saturday. Physical market did not follow back-to-back with future markets due to slow arrival and good demand.
- Indian rupee remained weaker near 74.67.
- Next week hope for some better arrivals and some softening in prices.
- Praying God to save everyone from new covid variant.