Market Movement from 25th Nov 2024 to 30th Nov 2024.

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• NY December contract expired, making March the new front-month contract. Over the past week, NY March experienced some gains, supported by improved export sales data and the ceasefire between Lebanon and Israel. NY March closed the week with a gain of 116 points week-over-week.
• In the latest U. S. Export Sales Report for the week ending 21-Nov-2024, total U.S. cotton export sales for the 2024-2025 marketing year reached 3,34,900 bales. This includes net upland cotton sales of 3,24,000 bales and net Pima sales of 10,900 bales. Shipments for the same period totaled 1,38,300 bales, with 1,30,300 bales of upland and 8,000 bales of Pima cotton shipped. No new sales were recorded for the 2025-2026 marketing year.
• This week, the Gujcot Spot Rate showed moderate fluctuations, starting at 54,500 Rs per candy on Monday and climbing to 54,850 on Tuesday and Wednesday. The rate slightly eased to 54,700 on Thursday before returning to its initial level of 54,500 Rs per candy on Friday. On Saturday, the rate was 54,450 Rs per candy. Overall, the cotton market reflected stable movement with minor adjustments, indicating a steady demand and supply balance.
• The Indian physical market is currently in a state of confusion, with higher arrivals and sluggish demand causing some pressure. However, support from the Cotton Corporation of India (CCI) purchases has provided stability. Despite this, the market is experiencing only modest gains and continues to trade within a narrow range.
• The daily arrivals across India have now exceeded 2 lakh. A significant portion of this goes to the Cotton Corporation of India (CCI) for procurement at the Minimum Support Price (MSP).
• Higher kapas prices, combined with stable cotton seed rates, are creating a disparity for ginners. Additionally, mills are hesitant to purchase beyond their immediate requirements, keeping the market within a narrow range.
• The Indian basis for the current front month, March, is trading within the range of 10.28 to 11.28 cents. Additionally, Indian domestic rates are now equivalent to the Cotlook Index.
• The USD-INR exchange rate demonstrated a gradual upward trend. Starting at 84.29 on Monday, the rate increased to 84.33 on Tuesday and further to 84.45 on Wednesday. The trend continued with a slight rise to 84.48 on Thursday, where it remained steady through Friday. The consistent increase reflects a strengthening dollar or weakening rupee over the week, with the rate stabilizing towards the weekend.
• "Hope for the best."