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.

• Greetings for new cotton season from team Gujcot to all cotton friends.
• Season 2020/21 ended with joy. In last 10 days it was rate bonanza. Hope for same earning season 2021/22 to whole textile value chain.
• During first three weeks of the month there was continuous slow selling pressure in old crop with increasing arrivals in India and free selling by investors. But heavy rainfall in last week of the month in entire Indian cotton belt changed whole scenario. Arrivals got delayed, crop got damaged and we witnessed huge spike on NY and Chinese cotton future markets to record new 10 years high prices which changed the cotton market sentiment. 
• NY December traded near 90 cents till 20 September and closed at 105.80 cents on 30^th September. 16 cents surge in just 8 sessions. Adverse weather condition in India and US created panic. Chinese buying in US crop gave fundamental support to spike on cotton futures.
• September WASDE was bearish by increasing US crop. But handsome export sales throughout month have ignored bearish WASDE.
• Chinese ZCE future first time crossed 19,000 mark.
• Pakistan spot rate came down from 14,200 to 13,500 with very good arrivals. As data published by PCGA, Pakistan crop looks better than first estimate.
• Most of the old crop cotton was sold, CCI sold four lakh bales in later part of the month and is left with only four lakh bales of unsold stock.
• Yarn prices were also soft during first part of month but in later part of the month spinners were tight to offer.
• This month was volatile for Indian basis. Indian cotton was at 98 cents at the start of the month and also ended the month near same rate. Flat rate rose only 500 Rs a candy but NY future rose as rocket. Indian basis ended at negative 800 from positive 600 at the start of the month. In last 10 days Indian cotton got cheaper by 1400 basis points. Basis players remained active to book forward cotton in India.
• MCX future also witnessed huge gain. October MCX gained nearly 2700 Rs per bale, from 25,500 to 28,200.
• Over all in later part of the month speculative force was in full swing and all cotton futures NY, ZCE and MCX gained heavily with huge volume.

New season starts with new high rate is bonanza to farmers and negative basis is bonanza for spinners also so in opening month again good start for whole textile value chain.