GUJCOT WEEKLY REPORT 18-MAY-2024
Posted : July 20, 2024

Market Movement from 13th Apr 2024 to 18th May 2024.

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  • NY futures experienced another weekly loss, hitting the limit down on Tuesday but seeing some recovery on other days. Better expectations for the new crop, lower Chinese futures, and a bearish technical outlook contributed to the downward pressure on prices. Ultimately, NY July futures closed with a weekly loss of 142 points, while December futures closed with a loss of 16 points. The July-December inverse narrowed to just 92 points.
  • In the latest U. S. Export Sales Report for the week ending 09-May-2024, U.S. export sales for the 2023-2024 marketing year included net upland sales of 1,56,400 bales and upland shipments of 2,38,800 bales, with net Pima sales at 3,600 bales and Pima shipments at 5,200 bales, totaling 1,60,000 bales in sales. For the 2024-2025 marketing year, net upland sales were 1,40,600 bales and net Pima sales were 1,000 bales, totaling 1,41,600 bales.
  • This week, the Gujcot Spot Rate experienced a downward trend, starting at 57,400 on Monday and decreasing to 57,100 on Tuesday. The rate continued to decline, reaching 56,550 on Wednesday. A slight recovery was observed on Thursday as the rate increased to 56,650, maintaining this level through Friday and 56,750 on Saturday.
  • The Indian physical market also showed a downward trend. Buying was limited due to a higher Indian basis, and Indian mills were unable to find buyers, resulting in purchases only being made in limited quantities as per need.
  • Basis players are actively selling during this favorable period. Indian basis remained between 10.02 to 12.58.
  • This week, the USD-INR exchange rate showed minor fluctuations, starting at 83.53 on Monday and slightly decreasing to 83.51 on Tuesday. The rate edged down to 83.50 on Wednesday and remained stable through Thursday. On Friday, the rate further decreased to 83.33.
  • Let's hope for the best.

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