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.
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U.S. EXPORT SALES
For Weekending 14-February-2019
Combined Sales of Previous 6 Weeks
2018-2019
Net Upland Sales 9