Dear All Cotton Friends,
In our mission to give Daily Spot Rate Team Gujcot is getting valuable support from Gujcot broker’s panel. We appreciated their humble service to the trade. Gujcot Team is giving daily closing of Indian and foreign futures rates.
In this report we have provided Following Rates during the month.
We hope it will be useful to all the stake holders of Textile Value Chain.
NY futures traded in a tight range of 63–65 throughout the month. Despite supportive factors such as a better WASDE and strong export sales, the market failed to sustain gains and break the upper band.
Overall, the market remains stuck in a narrow range.
The Indian physical market was steady to firm at the start of the month. The market breached the ₹55,000 and ₹56,000 levels till mid-January as sentiment remained tight, with most arrivals being absorbed by CCI. However, once CCI started selling, market sentiment weakened, and prices again settled near the ₹55,000 range.
Overall, this month saw heavy procurement by CCI.
CCI has completed the registration of farmers, and procurement up to the end of January was close to the 90-lakh mark.
Indian basis levels started around +1200 points over nearby NY futures and increased to about +1400 points ON by mid-January. However, with the depreciation of the rupee to a new record level near 92, the basis has since softened.
All-India cotton arrivals may reach around 2 crore bales by month-end, while Gujarat arrivals may cross the 40 lakh bales mark.