Gujcot Monthly Rate Movement Report – Jul 2022
Posted : August 13, 2022

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.

 
  • During the month of July, NY December lost nearly 25 cents to 83 cents but recovered total loss in last two weeks and closed with only 2.10 cents monthly loss.
  •  Loss in consumption, fear of recession, strong currency and technical selling were main reasons to keep cotton market under pressure during the month of July.
  • WASDE was bullish for US and bearish for rest of the world. US balance sheet looks tighter and still trade sources believe that US crop will be further reduced in upcoming August WASDE report.
  • August WASDE may also reflect huge reduction in consumption for current season.
  • US export shipment will remain below USDA export target and remaining sales for current year will be carried forward to new year.
  • Chinese future touched lifetime low below 14000 during this month and in first time in the history Chinese cotton sold as the cheapest cotton in the world.
  • Gujarat Shankar-6 physical rate followed NY and MCX futures in first two weeks but again recovered due to limited supply. Physical cotton is almost sold out and very limited cotton available to offer. So, even for small quantity rates go higher.
  • Yarn market is not supportive so mills are working at slow pace and with increase in cotton prices consumption is further reduced.
  • INR got weaker against USD during the month and touched all time low at 80 Rs/USD.
  • Indian basis is still very strong compare with NY December. Indian basis remained between 44 to 59 on. Indian cotton is now the costliest in the world which put Indian raw cotton and yarn export to a hold.
  • Indian monsoon has done better during July. Some pockets in Vidarbha and Telangana there was excess rainfall but overall Indian monsoon progress is good and covered whole cotton belt.
  • All India cotton sowing till date reached 117 lakh hectares and Gujarat has crossed 25 lakh hectares mark.
  • Wish better and require rain in August.

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