Gujcot Weekly Report
Posted : February 22, 2019
Market Movement from 04th Feb 2019 to 09th Feb 2019
- Long awaited USDA WASDE Report was finally released after two months. As a backward revision in 2017-2018 USDA lowered world consumption by a net 588,000 bales effectively world's ending stock was increased by nearly two million Bales, otherwise it is neutral.
- Indian production was lowered by 5 lakh bales but also 2017-2018 consumption was revise.
- During this week NY future lost near about 150 points. Still there is no good progress to resolve the trade dispute.
- Indian physical market remained steady. Gujarat Shankar 6 Price remained in small range but Maharashtra facing more selling pressure.
- Cumulative Indian arrivals crossed 2 crore bales and in absence of big export demand enough stock in the market, so mills are not in a hurry to build inventory fast.
- Gujarat 29 mm Cotton sold between 42,650 to 42,850 Rs./Candy.
- All India Daily Arrivals remained between 1,50,000 to 1,60,000 bales.
- Gujarat Daily Pressing was approximately 50,000 bales.
- NY March futures w/w lost 1.09 cents.
- Indian Rupee was strong against USD during this week from 71.80 to 71.30.