Market Movement from 02nd Dec 2024 to 07th Dec 2024.

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• The December NY contract expired, and the front-month NY March contract traded in the red throughout the entire week. Sluggish demand and a strong dollar continued to weigh on the market, keeping it under pressure. As a result, the NY March contract ended the week with a loss of 195 points week-on-week.
• In the latest U. S. Export Sales Report for the week ending 28-Nov-2024,  U.S. export sales of cotton for the 2024-2025 marketing year totaled 1,74,400 bales, with net upland sales at 1,70,700 bales and net Pima sales at 3,700 bales. Upland shipments for the week reached 1,57,500 bales, while Pima shipments amounted to 5,700 bales. No new sales or shipments were recorded for the 2025-2026 marketing year.
• The Gujcot Spot Rate experienced slight fluctuations. The week began with a rate of ₹54,050 per candy on Monday, followed by a minor dip to ₹53,850 on Tuesday and further to ₹53,750 on Wednesday. The rate recovered slightly on Thursday to ₹53,900, before returning to ₹54,050 on Friday. The rate for Saturday is ₹53,950 per candy, rounding off a relatively stable week for cotton prices with limited variation.
• The Indian physical cotton market remains largely unchanged, trading within a narrow range around ₹54,000 per candy.
• The all-India cotton arrivals have significantly exceeded 2 lakh bales over the past week. However, more than half of these arrivals have been procured by the Cotton Corporation of India (CCI) under the Minimum Support Price (MSP) scheme. To date, CCI has procured approximately 22 lakh bales.
• The Indian basis has slightly weakened due to stable domestic rates and a decline in New York futures. The Indian basis is currently ranging between 9.65 cents and 11.29 cents.
• Mills are unable of exporting yarn in large quantities; however, the majority of yarn trade remains domestic. Since this business primarily operates on credit, mills often face cash flow challenges. Due to limited funds, purchasing patterns tend to be on a hand-to-mouth basis.
• This week, the USD-INR exchange rate exhibited minimal fluctuation, starting at 84.69 on both Monday and Tuesday. It saw a slight increase to 84.74 on Wednesday before marginally dropping to 84.73 on Thursday and returning to 84.69 on Friday. The overall trend was stable, reflecting limited volatility in the currency pair during the week.
• "Hope for the best."