Market Movement from 14th Oct 2024 to 19th Oct 2024.

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• The NY future market traded in the range of 70-72 cents/lb. Export shipments remained low, and sluggish demand kept pressure on the market throughout the week. Future prices dropped close to 70 cents but managed to close the week at 70.99 cents/lb, reflecting a weekly loss of 122 points.
• In the latest U. S. Export Sales Report for the week ending 10-Oct2024, U.S. export sales of cotton showed solid activity for the 2024-2025 marketing year. Net Upland cotton sales reached 1,59,800 bales, while shipments totaled 57,800 bales. Pima cotton sales were lower, with net sales of 2,600 bales and shipments of 12,300 bales. Combined, total net sales amounted to 1,62,400 bales. There were no reported sales for the 2025-2026 marketing year.
• Not much movement in Gujcot Spot Rate. On Monday, it stood at 56,100 Rs per candy, decreasing to 55,900 on Tuesday and 55,750 on Wednesday. The rate slightly increased to 55,850 on both Thursday and Friday. On Saturday, the rate was 55,800, reflecting minimal variations in cotton prices throughout the week.
• The Indian physical cotton market remained steady, with prices for top-quality cotton largely unchanged. However, rainfall has been reported in some areas, which has caused damage to the cotton crop. As a result, damaged cotton is being sold at lower rates, exerting downward pressure on the overall market.
• The IMD (India Meteorological Department) has officially declared the withdrawal of the Southwest Monsoon. However, cyclonic systems are still causing heavy rainfall in some cotton-growing regions, which might prove harmful to the cotton crop.
• The steady Indian cotton market and declining New York futures have made the Indian basis more expensive. Currently, the Indian basis remains between 13.39 to 14.22 cents/lb.
• The arrival in India is picking up momentum and is expected to reach the one lakh mark in the coming week.
• The daily cotton arrivals in Gujarat have reached approximately 18,000 bales and are expected to increase in the coming week.
• This week, the USD-INR exchange rate showed minimal fluctuations. On Monday, the rate stood at 84.06, slightly decreasing to 84.04 on Tuesday and further to 84.00 on Wednesday. However, it rose again to 84.07 on Thursday before returning to 84.06 on Friday, indicating a relatively stable trend with minor variations throughout the week.
• Let’s hope for the best.