Monthly Rate Movement Report – Feb 2023
Posted : July 20, 2024

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.

 

  • NY May Future was the front month from 09-Feb as option expired for March. There was big volatility during this month, mainly in third week market stayed near lower end of 80 to 87 cents range of this month. Other three weeks remained in narrow range of 84 to 87 cents.
  • USDA February WASDE reduced world carryover by 8,50,000 bales with reduction in production by 1.03 million bales and reduction in consumption by 1,90,000 bales. Report looks almost neutral.
  • Export Sales of U. S. was handsome near 2 lakh plus bales every week but shipment yet lagging behind require pace.
  • In the month of February, the Gujcot spot rate for Shankar-6 cotton started at 62,150 in the first week but experienced a slight decline to 61,400. However, the market soon bounced back and moved on an upward trend, reaching a high of 63,100 on 15th February. The price then experienced a downward trend, dropping to 62,200 on 20th February, but soon recovered to 62,800 on 25th February. The month ended with a slight decrease, with the spot rate for Shankar-6 cotton at 62,350 on 28th February.
  • "Throughout the month, the USD-INR exchange rate showed a weaker trend, starting at 81.92 and peaking at 82.72 on 06-Feb. However, the rate remained stable for the rest of the month, fluctuating between 82.49 and 82.84."
  • Indian basis for cotton showed a stable trend at the beginning of the month, lowest at 9.22 on February 7. However, the basis rose significantly over the next ten days, reaching a monthly high of 16.07 on February 17. The basis then declined again, reaching 11.36 on February 24, before settling at 12.02 on February 28. Overall, the basis remained volatile throughout the month, which may have impacted cotton prices in the Indian market.

 

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