Market Movement from 04^th Feb 2019 to 09^th 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.