Market Movement from 23rd Dec 2024 to 28th Dec 2024.

•  
• The NY market closed the week in green for the first time this month, driven by improved export sales and lower trading volumes due to festival days. The NY March future ended the week with a 83-point gain on a week-over-week basis.
• Export sales were decent, with Turkey and Vietnam emerging as the leading buyers.
• In the latest U. S. Export Sales Report for the week ending 19-Dec-2024, U.S. export sales for the 2024-2025 marketing year totaled 2,81,700 bales, comprising 2,79,100 bales of net upland cotton sales and 2,600 bales of net Pima cotton sales. Upland shipments reached 1,40,500 bales, while Pima shipments totaled 13,400 bales. For the 2025-2026 marketing year, net upland sales amounted to 29,500 bales, with no net Pima sales reported. Total forward sales for the upcoming marketing year stood at 29,500 bales.
• The Gujcot Spot Rate displayed slight fluctuations, starting at ₹53,450 on Monday, increasing to ₹53,550 on Tuesday, and settling at ₹53,500 on Wednesday. The rate dipped back to ₹53,450 on Thursday before recovering to ₹53,500 on Friday. The rate for Saturday is ₹53,500, reflecting the final trend of the week.
• The Indian physical market remained stable throughout the week, hovering around ₹53,500 per candy.
• The total arrivals across India remain above 2 Lakh on days when the Cotton Corporation of India (CCI) makes purchases, while during holidays, the arrivals seem to drop to nearly half.
• CCI is nearing the procurement of 50 lakh bales, yet there are no signs of the market moving higher. As a result, CCI is expected to continue playing a significant role in the market through January.
• The Indian Rupee reached an all-time low, nearing ₹86 against the US Dollar in intraday trading. While a weaker Rupee provides some support to Indian exports, Indian cotton remains too expensive to compete effectively in the global market.
• Mills have a favorable opportunity to export due to a weaker rupee. However, international demand remains sluggish, while domestic demand shows stronger performance.
• This week, the USD-INR exchange rate showed a gradual upward trend, starting at 85.12 on Monday and closing at 85.53 on Friday. The rate remained steady at 85.20 on both Tuesday and Wednesday before inching up to 85.26 on Thursday. The highest jump was observed on Friday at 85.53, reflecting a noticeable increase from the week's opening rate. This steady rise indicates a strengthening of the USD against the INR throughout the week.
• During this week Indian basis remain between 10.67 to 11.39.
• Merry Christmas and a Happy New Year to all our cotton friends!