Monthly Rate Movement Report – Jul-2023
Posted : June 21, 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 July Future expired on 8th July, and now the front month is December. NY December new crop future stayed within a narrow range for the first 18 days but then started to trend upwards after the 18th July. Some short covering and speculative buying pulled the market to a new high of 87.90, but it eventually settled near the mid-eighties.
  • Export sales were not impressive during this month, as it is nearing the end of the American cotton season. Export shipments are not on track to meet the yearly target of 12.9 million bales. The new year sale is expected to be around 2.4 million bales, and it appears that a similar amount of bales will be carried forward to the next marketing year.
  • The WASDE report was generally neutral, without providing any significant ups or downs in market sentiment.
  • Indian physical rates remained steady in the first half of the month, ranging between 55,700 to 56,500 Rs a candy. However, following the NY Future and ZCE Gujrat Shankar-6 rates surged and touched near 58,800 Rs per candy. At the end of the month settled at around 58,300 Rs per candy.
  • Sowing in India is nearing completion and is running similar to last year's pace. Gujarat's sowing showed a slight excess of 5% compared to the last season.
  • Indian basis ranged between 400 to 700 throughout the month, with only a few exceptions.
  • Due to declining world basis and competitive rates offered by other countries, Indian cotton export was limited.
  • There was some bullish sentiment in the cotton yarn market, leading to a surge in rates due to good demand.
  • In August, arrivals are expected to slow down, but July saw historically high arrival numbers.
  • The cotton crop is progressing well, with good monsoon across all cotton-growing areas.
  • Let's hope for the best in the upcoming new season.

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