Monthly Rate Movement Report – Apr 2020
Posted : May 23, 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

  • April was a month of recovery in NY future. During the Month NY May and July futures gained. 
  • With help of stimulus package by US government equity and commodity markets recovered.
  • Chinese cotton purchase of handsome quantity from US in the last week of the month supported market sentiment.
  • Except last week’s good sales U.S. Export Sales was negative and USDA reduce their estimate of export from 16.5 Million Bales to 15 Million Bales in April WASDE.
  • April WASDE was but market managed to stay in upper fifty range with sentimental support from other markets.
  • Indian consumption and trade were negligible due to lockdown.
  • Indian old crop cotton prices declined by 10% without big trade volume.
  • Indian spinners in double trouble. Reductions in stock price and cancellation of old rate yarn contracts.
  • Rupee was volatile and depreciate up to 76.87.
  • Ginning and Spinning activity is resuming slowly but it will take time to get proper rhythm.

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