Gujcot Second Quarterly Rate Movement Report – 2022-23
Posted : May 25, 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.

 

  • Team Gujcot wishing happy and earning new financial year to all cotton friends.
  • January-March quarter was volatile in all futures. Huge ups and downs were noticed during this period. Despite huge ups and downs range is very narrow. NY March was in 80.25 to 87.00 range while NY May moved in slightly bigger range of 76.54 to 88.02.
  • In the month of March May future moved in 76.54 to 85.66.
  • In uncertain global economic situation and US fed rate hike, manage money sold in the market which led to bearish move in NY May future.
  • U. S. Export Sales were decent in last month of March also shipment accelerated.
  • US total export sales commitment reached to 1,16,35,017 bales near to USDA target now and shipment reached at 66,77,586 bales.
  • In India market during last quarter, Gujarat Shankar-6 moved range bound between 60,000 to 63,000 Rs per Candy.
  • Indian arrival did not cross 1,70,000 bales a day and generally average arrival remained near 1,25,000 bales a day.
  • Farmers remained reluctant to sale their produce at lower rate.
  • Indian Rupee was stable near 82 to 82.75 during the month of March.
  • Indian basis got ups and downs with huge ups and downs in NY future. Indian basis remained between 10.58 to 17.86 during the month of March.
  • Indian ginners are still facing disparity so cotton pressing is lower.
  • Overall quarter was volatile but range bound in both international and domestic market.   

 

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