Gujcot Trade Assocation

Gujcot Second Quarterly Rate Movement Report - 2023-24

Posted : April 27, 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.

During the last quarter, in February, the New York May Futures experienced a notable upward surge, surpassing the dollar mark and closing above it. However, in March, there was a continuous downward correction trend observed in the NY May Futures until the end of the month. By the end of March, NY May closed in the range of 90 to 91.38 cents. Consequently, the NY May Futures witnessed a loss of 819 points month-over-month (M/M), while the July Futures experienced a slightly lower loss of 580 points M/M. The inverse between the closing points old crop July and new crop December was 13.97 points at February end, but it narrowed down to 7.98 points by the end of March.
The bullish WASDE report, coupled with a short crop in the U.S. and improved export sales, served as the main catalyst for the bullish start. However, sluggish demand and the ongoing increase in certified stock acted as resistance to the bull-run.
The WASDE report was somewhat bullish to neutral.
Export sales during March were better than expected, and shipments were running beyond the average, which is necessary to meet the export target.
The Indian physical market ran bullish in February but turned down following the trend in the New York futures. Gujcot spot rates came to near the range of 60,500 by the end of March, down from the February high of 62,500 Rs per candy.
The all-India arrival was at its peak in February, and even in March, before the festival, it remained close to one lakh bales per day.
In Gujarat, the arrival in March started around 30,000 and decreased to near 20,000 by the end of March.
The Indian basis was positive in January but turned negative territory during February and the first week of March. However, from the second week of March onwards, it returned to positive territory.