GUJCOT WEEKLY REPORT 22-JUN-2024
Posted : July 20, 2024

Market Movement from 17th Jun 2024 to 22nd Jun 2024.

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  • The front month December saw a recovery after an initial loss at the beginning of the week. Despite the early setback, December managed to cover all losses and closed unchanged, with 7 cents gain week-over-week. On expiry, NY July future experienced a significant loss, but this was largely ignored by the market as all positions were shifted to December future contract.
  • Dry weather in the U.S. and the hike in India's MSP were hot topics in the market.
  • In the latest U. S. Export Sales Report for the week ending 13-Jun-2024, U.S. export sales for the 2023-2024 marketing year reported net upland sales of 1,89,000 bales, with upland shipments totaling 1,97,900 bales. Net Pima sales were 7,900 bales, with shipments amounting to 5,800 bales, bringing the total sales to 1,96,900 bales. For the 2024-2025 marketing year, net upland sales were recorded at 1,11,800 bales, with no net Pima sales, making the total 1,11,800 bales.
  • This week, the Gujcot Spot Rate for cotton displayed a general upward trend following slow arrival and positive sentiment due to hike in minimum support price. Starting at 55,600 Rs per candy on Monday, the rate slightly decreased to 55,550 on Tuesday. It then increased to 55,700 on Wednesday and continued to rise to 56,050 on Thursday. By Friday, the rate reached 56,300 and closed the week at 56,400 on Saturday, but the overall trend for the week suggests a steady increase in the cotton spot rate.
  • All India arrivals have now reduced to just around 30,000 bales per day. With the hike in MSP, Indian consumers are hurrying to buy CCI cotton, resulting in CCI sales exceeding one lakh bales in the last two days.
  • Despite the MSP hike, the world market remains unimpressed, and offers from abroad have stayed unchanged.
  • Indian basis prices are too high, making imports more competitive. Mills are now ready to buy next year's cotton at the current price.
  • The Indian basis with December remains between 12.19 to 13.91.
  • This week, the USD-INR exchange rate experienced slight fluctuations. It began at 83.55 on Monday, then decreased to 83.41 on Tuesday. The rate saw a minor increase to 83.45 on Wednesday, followed by a more noticeable rise to 83.65 on Thursday. By Friday, it slightly dropped to 83.53.
  • The monsoon rain for June appears to be lower than last year. There is hope for the monsoon to advance next week. However, there is still time to plant kapas.
  • Hoping for a better monsoon and good sowing.

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