Gujcot Monthly Rate Movement Report – Nov 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.
- November month started with sharp uptrend during the first week. NY Future closed limit up for the first four days in this month and jumped to 87 cents from 72 cents in just one week. There after remained highly volatility during the month.
- USDA WASDE report was neutral to bearish.
- At the start of the month US export sales was excellent but in second half huge cancellation came from China. Which turned the table to bearish.
- Front month NY March closed with monthly gain of 1,297 Points.
- Indian farmers remained firm in their mood not to sell kapas at lower rate. Trade was anticipating sharp increase in arrivals after Diwali festival season which did not happen. All over India Ginners disparity continued even after Diwali. North India cotton association (ICAL) reduced their crop estimate from 60 lakh bales to 47 lakh bales which created bullish sentiment in north India. Also, Central India arrival did not pick-up as expected.
- Firm NY future and slower arrival pulled-up Shankar-6 rate from 63,500 to 69,500 Rs per candy which soften in the last week of the month.
- INR also remained volatile from below 81 to near 83 Rs per USD.
- Indian basis also remained volatile amid volatility in currency and fluctuating NY futures. Indian basis touched low of 13.79 cents on 4th November when NY futures rose sharply but got back to 25.71 on 25th November.
- At high Indian basis Indian export of raw cotton and cotton yarn remained very slow.
- Closed mills reopened in November but did not run at full capacity.
- In December increase in arrivals is expected from Gujarat, Maharashtra and Telangana.