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.

• The December New York cotton futures contract traded within a narrow range throughout the month, fluctuating between 67 and 71 cents. Although the USDA's WASDE report was somewhat bullish due to a 1.9 million bale reduction in U.S. production, sluggish demand and unfavorable macroeconomic conditions limited upward momentum. Ultimately, the December contract closed with a 100-point month-over-month gain.
• U. S. Export Sales in the last week of July provided a boost, helping to meet the USDA target. The new season started with a carryover of 9,79,900 bales.
• The Indian physical cotton market remained stable for the first three weeks of the month. However, heavy rains in Gujarat have significantly impacted the market, leading to a sudden and sharp rise in cotton prices over the past 10 days. As a result, the price of Gujcot Shankar-6 cotton has surged, reaching ₹ 58,600 per candy by the end of the month.
• The currency remained stable throughout the month.
• The Indian cotton basis remains between 1,600 to 1,900 points in anticipation of the New York December futures. While New York futures remain steady, Indian cotton prices have risen sharply.
• Due to rising costs, Indian mills have started placing orders for import of cotton.
• Due to an excess of rainfall, farmers are now waiting for sunshine to help dry the fields. There is concern that the crops may have suffered damage from waterlogging.
• The total sown area across India has reached approximately 1,11,73,700 hectares, with Gujarat contributing 23,61,100 hectares.
• Hope for a better season ahead.