Gujcot Fourth Quarterly Rate Movement Report - 2023-24
Posted : October 05, 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 this quarter NY December traded within a narrow range of 67 to 73 cent per Lbs throughout the quarter.
  • The price started near 73 cents at the beginning of July, touched 67 cents in mid-August, and then surpassed 73 cents again by the end of September.
  • During this quarter, the USDA reduced the U.S. cotton crop estimate twice: first from 17 million bales to 15.1 million bales, and then from 15.1 million bales to 14.5 million bales.
  • The U.S. has reached its last export target of 11.8 million bales for the season, which was completed in July.
  • Brazil has emerged as the leading exporter of raw cotton this season.
  • Pakistan's arrivals have been slow and significantly lower compared to last year.
  • The Indian physical market remained stable between 56,500 and 58,000 Rs per candy during July and August. However, due to heavy rainfall and fear of some crop damage, sentiment in September has shifted, driving prices towards the 60,000 Rs per candy range.
  • In July and August, Indian cotton basis remained stable, ranging from 1,600 to 1,900 against the NY December futures. However, in September, there was a decline in NY futures prices coupled with an increase in Indian prices, which caused the basis to rise to between 2,000 and 2,300 poins.
  • The currency remained stable within a narrow range of 83.50 to 84.00 rupees per dollar.
  • Indian mills are currently facing significant challenges, struggling to achieve price parity. Factors contributing to this situation include a slowdown in China, unrest in Bangladesh, and the higher pricing basis in India. Additionally, the import duty has increased, further complicating matters for Indian mills as they head into the new year. To compound these issues, the government has raised the Minimum Support Price (M.S.P.), adding pressure to the mills.
  • All India cotton sowing area reached 1,12,75,700 hectares; it is nearly 10,95,600 hectares lower compared to last year.
  • Gujarat's cotton sowing area was 23,68,100 hectares, which is 3,14,300 hectares lower compared to last year.
  • The monsoon has been favorable, and we are hopeful that the withdrawal of the monsoon will significantly improve Indian cotton crop condition and yield, helping to offset the decrease in sowing area.
  • Let’s remain optimistic and hope for the best.

Latest News
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
Cleveland on Cotton 04-Oct-2024
  • Despite Hurricane Helene, Cotton Prices Locked in Low 70 Cent Range Wow! Christmas and the holida
PCCA Cotton Market Weekly 04-Oct-2024
  • The cotton market continued to face challenges from ongoing crop uncertainty and a significant port