Market Movement from 29th Jul 2024 to 03rd Aug 2024.
NY December, the New York Cotton futures market showed an uptrend at the beginning of the week. However, in the latter part of the week, it gave up its gains and closed nearly unchanged, with a week-over-week gain of just 26 points.
In the latest U. S. Export Sales Report for the week ending 25-Jul-2024, the U.S. export sales report for cotton showed a significant decline in net upland sales for the 2023-2024 marketing year, with a net reduction of 10,85,800 bales. Upland shipments for the same period were recorded at 1,29,900 bales. There were no net sales for Pima cotton, although 4,600 bales were shipped. For the 2024-2025 marketing year, there was a positive shift with net upland sales reaching 13,55,700 bales and net Pima sales at 4,500 bales, resulting in total net sales of 13,60,200 bales.
This week, the Gujcot Spot Rate showed a gradual upward trend. On Monday, the rate was 56,800, and it increased slightly to 56,850 on Tuesday. Wednesday saw another modest rise to 56,900, which remained steady on Thursday. On Friday, the rate climbed to 57,000, continuing the positive momentum. As of Saturday, the rate's movement is yet to be reported. Overall, the week exhibited a consistent increase in the Gujcot Spot Rate, reflecting a stable market environment.
The daily arrival of cotton in India is approximately 18,000 to 20,000 bales.
Indian physical market, rates remain within a narrow range due to slow buying from mills. The Cotton Corporation of India (CCI) has permitted traders to extend the lifting time for their quantities. However, due to dull market sentiment, there have been no significant sales.
Indian cotton and cotton yarn exports have faced resistance due to higher prices. As a result, some mills have booked imports to address the cost disparity.
The Indian basis remains between 17.06 to 18.62 during the week.
All India sowing is across 108.43 lakh hectares, with Gujarat contributing 23.15 lakh hectares.
The USD-INR exchange rate showed remarkable stability, starting at 83.72 on Monday and maintaining the same rate through Tuesday and Wednesday. There was a slight dip to 83.71 on Thursday, followed by an increase to 83.75 on Friday. This minimal fluctuation suggests a relatively stable period for the currency pair, with the rate largely hovering around the 83.72 mark throughout the week.
The monsoon is progressing well, raising hopes for a better crop.
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GUJCOT WEEKLY REPORT 05-OCT-2024
Market Movement from 30th Sep 2024 to 05th Oct 2024.
• NY Dec futures moved from 72.72 cents/lb