Monthly Rate Movement Report – Jun 2020
Posted : October 24, 2020
Dear All Cotton Friends,
In our mission to give Daily Spot Rate Team Gujcot is getting valuable support from Gujcot broker’s panel. We appreciated their humble service to the trade. Gujcot Team is giving daily closing of Indian and foreign futures rates.
In this report we have provided Following Rates during the month.
- MCX Cotton Daily Closing Rate
- USD-INR Exchange Rate Closing
- NCDEX and MCX converted into Rs. Candy Rate
We hope it will be useful to all the stake holders of Textile Value Chain.
- NY July future was last month for old crop. July traded between 60 to 63 range during the month. Full month December was inverted to July. Spread got narrowed few times but after first notice day spread was broadened. Whole volume rolled over to December and now front month is NY December Future. December traded in small range 58.50 to 61.00 during the month.
- NY July gained monthly. And NY December gained 340 point or near 5% during the month.
- Export sales and shipment were higher than required to meet the export target set by USDA. China was lead buyer. With support of Chinese buying and slight revival of demand after unlock process in various countries, market remained well supported.
- WASDE was bearish for current and next year both the years. Same production with less consumption resulted in historic high ending stock.
- In India CCI procurement continued during the month and total procurement crossed record one crore plus bales with procurement in Gujarat touching 11 Lakh Bales.
- Physical rate was strong at start of the month but declined continuous with big arrival and low demand. Gujcot spot rate stayed between 32,500 to 33,750.
- Domestic mills are still not running at full capacity so there is very slow buying. Due to lower basis, basis players and exporters were in market and supported the price.