Posted : June 21, 2024

Market Movement from 03rd Jun 2024 to 08th Jun 2024.

  • NY July continues to experience weekly losses due to bearish fundamentals. Improved crop progress and lower shipments have intensified the bearish sentiment. NY July closed with a 231 points weekly loss, while NY December closed with a 222 points weekly loss. The July-December inverse widened to 95 points.
  • The July options have now expired, making December the front month. December has plenty of time left to trade.
  • In the latest U. S. Export Sales Report for the week ending 30-May-2024, U.S. export sales reported net upland sales of 138,700 bales and upland shipments of 157,000 bales for the 2023-2024 marketing year. Net Pima sales reached 2,000 bales, with shipments totaling 8,100 bales. Combined, total sales for the 2023-2024 period amounted to 140,700 bales. For the 2024-2025 marketing year, net upland sales were 54,100 bales, with no net Pima sales reported, making the total for the upcoming year 54,100 bales.
  • The Gujcot Spot Rate fluctuated modestly, beginning at 56,200 Rs per candy on Monday. It then dipped slightly to 55,900 on Tuesday, recovered to 56,100 on Wednesday, and continued its upward trend to 56,150 on Thursday. By Friday, the rate returned to its initial value of 56,200. On Saturday, the rate was 56,050.
  • With slower than required arrivals to meet demand, the Indian physical market has shown stability and remains around the 56,000 Rs per candy level.
  • Merchants are offering the new crop forward at nearly 57,000 due to the higher basis.
  • The Indian basis is higher between 10.36 to 13.07.
  • The USD-INR exchange rate showed moderate fluctuations. Starting at 83.14 on Monday, it rose to 83.53 on Tuesday before slightly dropping to 83.37 on Wednesday. The rate increased again to 83.47 on Thursday and settled back at 83.37 on Friday. Overall, the exchange rate experienced some variability but remained within a narrow range throughout the week.
  • The monsoon has set in on time and will progress to Maharashtra during the next week.

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