GUJCOT WEEKLY REPORT 23-NOV-2024
Posted : November 26, 2024

Market Movement from 18th Nov 2024 to 23rd Nov 2024.

  • The NY future market experienced a steady upward trend throughout the week. Notably, the December contract saw a sharp rise, while the front-month March contract exhibited a steady and gradual increase. Improved export sales provided strong support for prices toward the end of the week. By the close, the December contract recorded a significant gain of 485 points, whereas the March contract ended with a modest yet steady gain of 186 points.
  • In the latest U. S. Export Sales Report for the week ending 14-Nov-2024, U.S. export sales of cotton showed robust activity for the 2024-2025 marketing year, with net upland sales totaling 3,18,500 bales and upland shipments reaching 1,48,200 bales. Net Pima sales were recorded at 9,000 bales, with 2,700 bales shipped during the week. This brought total sales for the current marketing year to 3,27,500 bales. For the 2025-2026 marketing year, forward bookings were modest, with net upland sales of 16,000 bales and no recorded sales for Pima cotton, resulting in a total of 16,000 bales.
  • The Gujcot Spot Rate exhibited moderate fluctuations. Starting at ₹54,000 on Monday, the rate slightly declined to ₹53,800 on Tuesday and further to ₹53,700 on Wednesday. It showed a marginal recovery on Thursday, reaching ₹53,950, and gained momentum by Friday, closing at ₹54,200. The rate for Saturday was 54,350.
  • In India, the daily cotton arrivals are slightly below 2 lakh bales, with significant contributions coming from South India. This November has seen the highest cotton arrivals in the past five years. The Cotton Corporation of India (CCI) has emerged as the primary buyer, purchasing nearly half of the total arrivals. Due to CCI's procurement efforts, kapas (seed cotton) prices have remained steady, with a slight upward trend. As a result, cotton prices have stabilized around ₹54,000 per candy.
  • Mills are purchasing cotton on a hand-to-mouth basis, maintaining a steady pace. Similarly, ginners are not inclined to accelerate their operations. The decline in cotton seed prices has affected ginners' profit margins, limiting their operational activity. Despite this, the slow pace of buying and selling has created a balanced, checkmated trade environment.
  • A steady Indian physical cotton rate and a weaker rupee have kept the basis down side during the week.
  • During this week, the Indian basis remained within the range of 10.22 to 15.00 cents.
  • This week, the USD-INR exchange rate exhibited a modest upward trend before slightly easing by the end of the week. On Monday, the rate started at 84.39, rising marginally to 84.42 on both Tuesday and Wednesday. It further climbed to 84.49 on Thursday, marking the highest point of the week. However, the rate saw a minor correction on Friday, closing at 84.44. Overall, the exchange rate remained relatively stable, with limited fluctuations across the week.
  • “Hope for the best.”

Latest News
GUJCOT WEEKLY REPORT 30-NOV-2024
  • Market Movement from 25th Nov 2024 to 30th Nov 2024. • NY December contract expired, making Mar
U.S. EXPORT SALES
  • 2024-2025 Net Upland Sales 3,24,000 Upland Shipments 1,30,300 Net Pima Sales 10,900 Pima Shipm
Cleveland on Cotton 25-Nov-2024
  • Cotton Market Shows Life as March Contract Period Begins Strong export sales, coupled with the be