*GUJCOT TRADE ASSOCIATION*
WEEKLY Report 08–AUG-2020
*Market Movement from 03rd Aug 2020 to 08th Aug 2020*
• The cotton market finished its Friday session sharply lower. Fears of Chinese economic retaliation over the Trump administration’s banning of TikTok and WeChat caused traders to make the leap to anticipating cancellations of U.S. cotton purchases. To that end, trade representatives from the U.S. and China will meet via video conferencing next week to “review” the phase-one trade deal. Whether that means expanding it, canceling it, or holding steady to the agreement, nobody knows. Up to Thursday market gained gradually and made the highest close of 64.85. But all gain wiped off on Friday and NY December closed in red with weekly loss of 30 points.
• U.S. Export for new year was as expected but shipment was decent and supported the market on Thursday. Weaker dollar also is supporting the market.
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