Gujcot Weekly Report
Posted : December 06, 2022
Market Movement from 27th Dec 2021 to 01st Jan 2022.
- This week was driven by bulls. During holiday week market was highly volatile with low volume. NY March Future moved triple digit up and down almost every day. ULTIMATTLY NY March closed with 348 points gain during the week.
- US Export sale was moderate at 1,99,300 bales for current year and 24,000 for next year but shipment is still very slow to just 1,65,000 bales. Cumulative shipment till 16th December is just near 29 lakh bales. For remaining weeks average more than 4,30,000 bales shipment needed to achieve the target which looks very difficult at the moment.
- Indian Shankar-6 rate continued to rise with support of basis players and mill demand. It crossed over to 71,000 Rs. per candy.
- During this week shankar-6 prices gained Rs 3250 which is the highest weekly gain in last few years. Also, V-797 gained 3,300 Rs. a candy.
- Good news in market that GST hikes on cloth and apparel is postponed by GST council.
- Indian rupee got a bit stronger during the week.
- Indian cotton basis is in a highly positive territory so, export of raw cotton is limited.
- Wish all stake holders happy, healthy and prosperous new year.
- Good bye 2021 and welcome 2022.