President's Message - Seven Years of Gujcot Trade Association
Dear Members and Friends,
I am delighted to share this message as we celebrate Seven years of the Gujcot Trade Association. This milestone is a testament to the dedication and hard work of our entire team, and it fills me with immense pride to see how far we've come.
Market Movement from 21st Oct 2024 to 26th Oct 2024.
• In the beginning of the week, the NY December contract saw an uptick, crossing the 72 cents/lbs level. However, as the week progressed, prices gradually declined. Geopolitical tensions and slower export demand contributed to this downward pressure, ultimately resulting in a weekly loss of 33 points for the NY December contract.
Cotton futures were up for the week, but a lack of news left the marketplace relatively quiet. U.S. export sales saw a slight uptick as a result of the recent decline in prices. With geopolitical tensions and the upcoming presidential election on the horizon, what impact might these factors have on markets? Get QuickTake’s read on the week’s events in five minutes.
Demand Issues Keep Driving Cotton’s Four Cent Trading Range
Cotton muddled through the week, spending most of its time near its heretofore support level at 71 cents. It appears that the market will try again to break that support and visit the very high 60s before making a run back to the 74-cent level. Thus, the narrow four cent trading range between 70.50 and 74.50 continues to be the most respected trading range.
Market Movement from 14th Oct 2024 to 19th Oct 2024.
• The NY future market traded in the range of 70-72 cents/lb. Export shipments remained low, and sluggish demand kept pressure on the market throughout the week. Future prices dropped close to 70 cents but managed to close the week at 70.99 cents/lb, reflecting a weekly loss of 122 points.