Gujcot Monthly Rate Movement Report – Oct 2022
Posted : September 30, 2023
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.
- October was month of continuous down trend. NY December future lost about 1300 points during the month. USDA WASDE was bearish. USDA reduced world consumption by 3 million bales so world ending stock was also up by 3 million bales. Recession fear in Europe and America has created downward sentiment.
- US Export sales was poor also some cancellation from China reason for downtrend. But US is well committed to reach USDA export target.
- In India also during this month it was continuous down trend. As mills running with half capacity due to less demand of yarn.
- In first month of the season physical cotton lost around 5,000 Rs per candy but textile value chain was saved from major losses due to low arrival and slow purchases by mills.
- Indian basis got higher from 2,000 to 2,800 points on to NY December future. Despite depreciation in rupee to lifetime low of Rs 83 a dollar, raw cotton exporters are unable to match international prices.
- Arrival in India remained stable between 50,000 to 75,000 bales during the month. Major arrival was from Gujarat and North India as other state were affected by rain. Next month arrivals in other states will also increase and all India arrivals will cross 1 lakh to 1.5 lakh bales a day
- Hope for better next month for all stakeholders.