Monthly Rate Movement Report – Sep 2019
Posted : October 13, 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.
- 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.
- ICE December made it’s seasonal low below 58 cents, recovered to 63 cents and managed to stand over 60 cents mark at the close with gain of 200 points monthly gain
- Few positive news on US-China Trade dispute front supported NY futures during this month.
- Indian physical spot rate remained in pressure with increasing arrival in north India. After posting low of 40,900, it rebounded with fresh round of rainfall which disrupted arrivals.
- Indian futures also remained in selling pressure during the month and posted loss of 300 Rs/bale for MCX October future during the month.
- Rupee got stronger M/M after depreciating to 72.40 to support basis.
- Indian basis are declining but still too high to export Indian cotton.