The Season 2018 -2019 started with bullish sentiment in India. Indian cotton crop was predicted 343 lakh bales at the start of the season against 365 to 375 lakh bales of season 2017-2018. Opening stock was low and mills requirement of new cotton was high. With bull sentiment season touched double top at 47,150 on 15th October at the start of the season.
Gujarat cotton crop is estimated as 1,06,94,302 Bales out of which 2,75,000 Bales will be of V-797 rest will be Shankar-6. Gujarat cotton crop yield is expected to rise by 32.97% and crop is expected to increase by 30.83%
we estimate total Gujarat cotton pressing to be 120-125 Lakh Bales of 170 Kg.
Market Movement from 19th Jul 2021 to 24th Jul 2021
• A highly volatile week on NY future. This week started week with 300 points loss and recovered in next 3 days in December contract. NY December posted contract high of 90.57 intraday and closing high of 89.86 on Thursday. With volatility, open interest is rising so speculator again active. NY December closed with small weekly loss of 27 points.
