Market Movement from 11th Nov 2024 to 16th Nov 2024.

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• The NY futures had a challenging week as a strong dollar, lower exports, and sluggish demand exerted pressure on prices. Both the December and March contracts continued their downward trend. The December contract closed with a loss of 418 points, while the front-month March contract ended with a loss of 434 points.
• In the latest U. S. Export Sales Report for the week ending 07-Nov-2024, for the 2024-2025 marketing year, U.S. cotton export activity recorded net upland sales of 1,53,300 bales and upland shipments totaling 1,12,000 bales. Pima sales reached 4,900 bales, with 9,500 bales shipped. Combined total sales for upland and Pima cotton stood at 1,58,200 bales. Looking ahead to the 2025-2026 marketing year, net upland sales were minimal at 1,000 bales, with no new Pima sales reported, bringing total sales for the future season to 1,000 bales.
• The Gujcot Spot Rate exhibited a steady decline, starting at 55,200 Rs Per candy on Monday and decreasing gradually throughout the week. On Tuesday, the rate dropped to 54,900, followed by further decreases to 54,700 on Wednesday, 54,550 on Thursday, and 54,450 on Friday. The rate for Saturday was 54,150 Rs per candy.
• In India, opening season arrival seems faster than the average of the last five years, especially in South India. However, the rest of the country is experiencing a slightly slower pace than anticipated.
• CCI is now fully active in South India. In North and Central India, kapas prices are near or above the Minimum Support Price (MSP).
• Fast arrivals and hand-to-mouth purchases from mills have put pressure on cotton prices in the Indian physical market, which is now nearing its lowest levels of the past year. However, higher cottonseed prices are helping ginners compete for their share against government procurement.
• A weaker New York market is once again making Indian cotton and cotton yarn more expensive. As a result, it has become challenging to attract international buyers for these products.
• The Indian basis now ranges between 13.74 and 15.50 cents per lb.
• This week, the USD-INR exchange rate demonstrated remarkable stability, opening at 84.39 on Monday and maintaining the same rate on Tuesday, Thursday, and Friday. A minor fluctuation was observed on Wednesday, with the rate slightly dipping to 84.38 before returning to 84.39. Overall, the exchange rate exhibited a consistent trend throughout the week, reflecting minimal volatility in the currency market.
• "Hope for the best."