Monthly Rate Movement Report October– 2021
Posted : December 04, 2021
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.
- NY future December started at 104 cents, touched intraday high of 116 cents and closed the month with 905 points gain. While NY March gained 734 points during the month.
- December March spread was in inversion to Dec.
- U.S export sale was decent during the month, China and turkey were main buyers.
- Chinese ZCE future touched new high of 2200 RMB. Pakistan spot rate also crossed 15,000 PKR per Maund.
- In India with adverse weather conditions, cheaper Indian basis and demand in yarn, market touched all-time high.
- Gujcot spot rate gained 9,500 Rs a Candy during this month.
- V-797 rate gained 3650 Rs a Candy during this month.
- CCI Cotton stock almost sold out during this month. Investors and basis players got good advantage during this month in CCI cotton.
- Despite good arrivals, market touched new high prices. MCX future also crossed 33,000 Rs per Bale.
- Indian basis remained highly negative at the start of the month at -11.97 and recovered to -1.33 which was highly beneficial to the basis player. Due to cheaper Indian cotton exporters and spinners were at advantages.
- October month was cheerful for ginners, spinners and basis players.
- Hope for the another smiling month ahead.