Monthly Rate Movement Report – Feb 2020
Posted : March 30, 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.

 

  • 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

  • First three weeks of the February month, cotton market was quite stable but in the last week there was a sharp decline in the prices due to International developments.
  • Gujcot Spot Rate opened 39,650 and remained in the range of 39,200-39,600 during first three weeks of February and lost the ground to close at 38,350. S/6 29 mm lost almost 1,300 Rs. Candy M/M.
  • NY May Future closed in tight range of 68.00 to 69.50 during first three weeks and lost the ground and closed at 61.49 cents on 28th February losing 7.51 cents in last week.
  • Currency was more stable and remained in 45 paisa range of 71.19 to 71.65 during 3 weeks but again INR depreciated and closed at 72.18 at the end of February.
  • From 25th January onwards with Chinese lunar new year holidays cotton market looked to slow down. World was intimidated by corona virus news. Everyone was watching what steps China is taking to control it but unfortunately it slowly spread outside China which created panic in all markets including cotton.
  • All positive news like decent US export sales and shipments and also lower planting intention report for next year were ignored by the market and market remained corona virus news driven.
  • WASDE was bearish with increased production and decreased consumption and increased in ending stock.
  • Following the international trend Indian physical market also declined in the last week.
  • Throughout the month cottonseed rate and Cottonseed Oil Cake rate were also villain for ginners. With declining cotton seed rate, it was very difficult for ginners to compete with CCI which created huge disparity to ginners. Ginners were able to sale the cotton but were not able to dispose of cottonseed fully as demand was limited against supply.
  • Dark February is over and we hope now situation will improve. We Wish month of march to be happy month for all stake holders.

 

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