Gujcot Weekly Report
Posted : July 04, 2022

Market Movement from 27th Jun 2022 to 02nd Jul 2022.

  • After huge washout to 91.20 cents, December future was able to pull back and settle with loss of only 57 points during the week. Inflation fear, hike in interest rate and slow demand brings strong liquidation. After July off the ground speedy down trend occurred.
  • US export sales was not impressive. Current and next year both below 50,000 bales. While shipment also 370,800 is below required pace.
  • Indian cotton market looks steady to downwards. As mills remains silent in buying due to slow offtake of yarn while limited cotton stock did not allow market to go lower.
  • Sowing is in progress but due to some weaker monsoon sowing pace is low.
  • Weaker rupee is unfavorable for import. First time in history rupee depreciate to Rs.79 a dollar.
  • Hope for monsoon to peak in next week.

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