Monthly Rate Movement Report – May 2019
Posted : August 19, 2019

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.

 

  • Daily Physical Spot Rate

 

  • MCX Cotton Daily Closing Rate

 

  • USD-INR Exchange Rate Closing

 

  • Cotlook Index

 

  • ICE Future Closing

 

  • NCDEX Kapas Rate

 

  • MCX Future Closing

 

  • NCDEX and MCX converted into Rs. Candy Rate

 

We hope it will be useful to all the stake holders of Textile Value Chain.

 

Conclusion

  • The Indian physical market started the month with 46,350 and continuously declined till middle of the month towards 44,000 same way started to lift from middle of the month to the end of the month to nearly same rate from where it was started.
  • ICE July was started at 76.71 and declined sharply to middle of the month up to 65.35 closed on 13th May. Stay in lower range for a week and lifted somewhat by the end of the month toward 69 cents.
  • Due to better crop anticipation ICE December remained inverse to July from long time but with some spec buying ICE December reverse to carrying between 8th to 17th of May.
  • Cotlook Spot rate also started from 86.20 got down to 76.00 and finally lifted up and closed the month at 80.35.
  • Indian arrivals were slow and ginning factories are closing down day by day. Farmers remained firm to sell. At start at the month there was panic selling of profit booking. Ginners had some parity to sell regularly, from middle of month rate suddenly hiked and Indian farmers got double bonanza with hike in cotton and cotton seed prices. Cotton lifted up from 44,000 to 46,500 and at the same time cotton seed also lifted from 560 to 640 per 20 kg. So kapas rate for 20 Kgs went up from Rs. 1,200 to Rs. 1,300.
  • With rising rate of kapas farmers got firm to sell and arrivals suddenly dropped.
  • Over all this month remained volatile with sudden ups and down in prices. This volatility was opportunity for mills to cover cotton.
  • During this month Indian consumers have taken opportunity to book foreign cotton also.
  • Yarn movement is not promising for mill to buy aggressively but due to local situation all mills have covered their requirement to great extent.
  • Due to bearish trend in NY and firm trend in Indian physical market basis rose from 800 to 1500 on. NY futures lost nearly 11%   while Indian physical market remained same as it was at the start of the month and gained near 5% from it’s bottom.

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