Market Movement from 28th Oct 2024 to 02nd Nov 2024.

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• NY Cotton futures for December closed at 70.66 cents per pound on October 25 and at 70.17 cents on November 1, reflecting a week-over-week loss of 0.49 cents.
• In the latest U. S. Export Sales Report for the week ending 24-Oct 2024, U.S. export sales of cotton for the 2024-2025 marketing year reported a strong performance. Net sales of Upland cotton reached 1,89,400 bales, while Upland shipments totaled 1,34,300 bales. Pima cotton also showed steady demand with net sales of 11,500 bales and shipments of 9,200 bales. The combined total sales for Upland and Pima cotton amounted to 2,00,900 bales. There were no sales or shipments recorded yet for the 2025-2026 marketing year.
• The Gujcot Spot Rate showed minor fluctuations, starting at 54,700 Rs per candy on Monday and decreasing to 54,550 on Tuesday. The rate slightly declined further to 54,500 on Wednesday, before recovering to 54,600 on both Thursday and Friday. The week closed with a slight increase to 54,650 on Saturday. Overall, the spot rate remained relatively stable, with only marginal changes, indicating steady market conditions.
• The Indian basis remains within the range of 12.19 cents to 13.26 cents.
• This week, the USD-INR exchange rate remained consistently steady, holding at 84.08 from Monday through Friday. There was no fluctuation in the rate throughout the week, indicating stability in the currency pair. This stability may reflect balanced supply and demand dynamics in the market, or it could be the result of external factors impacting both currencies equally.
• Let’s hope for the best.