Dear All Cotton Friends,
In our mission to give Daily Spot Rate Team Gujarat 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.
We hope it will be useful to all the stake holders of Textile Value Chain.
During the month of April Indian futures and physical both gained near 1500 Rs. a candy but NY May and July futures have lost by 163 and 153 points respectively. March end Indian physical cotton rate was 83.10 cents/lb for 29 mm S6, whereas on 30th April it was 85.36 cents/lb. So effectively Indian Basis improved during the month from 6.25 to 9.41. Indian rupee remained weaker in later part of the month due to rise in crude prices.
US Export sales were decent 11,38,900 and export and shipment were 15,12,700 Bales. Total Commitments will cross USDA Export target in next one or two weeks but require pace of shipment is more than 4 lakh bales a week.
Indian physical market was in uptrend during first half of the month, while remained stable during the later part of the month.
Arrivals are gradually decreasing and ginners are closing their operations. Very few ginners will continue up to the end of the season.