Gujcot Weekly Report
Posted : June 04, 2022
Market Movement from 06th Dec 2021 to 11th Dec 2021.
- NY March started this week with triple digit gain and hold the gain throughout week with minor changes in last four days. Ultimately closed at 106.23 with 203 points gain.
- WASDE was generally neutral with minor changes. A small quantity in US crop increased.
- World's consumption increased and production lowered. Also, correction in Indian opening stock. So, worlds ending stock decline by 1.2 million bales.
- Export sales was healthy to nearly 3.90 lakh bales. But shipment was in slower pace with 1,23,500 bales shipment during the week.
- Indian daily arrival increased to 1.50 lakh to 1.80 lakh bales a day.
- Gujarat shankar-6 price softened but still holds key support near 65,000 Rs per candy.
- Buying slowed down due to lower yarn demand and yarn price.
- Exporters are active for December shipment.
- Gujarat arrival is nearly 40,000 to 45,000 bales a day.
- Indian currency is weaker against USD at 75.76 Rs/USD.
- Indian basis are in positive territory.
- In next week we hope to get better arrival of 2 lakh bales a day.