Market Movement from 23rd Feb 2026 to 28th Feb 2026.

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• New York cotton futures have consolidated with the March contract moving into expiry, and the lead month has now shifted to May. Some buying related to on-call fixation has provided slight momentum to the market. At present, on-call purchases are nearly balanced with on-call sales for the current season. However, after certain rolls to December, on-call purchases for the next season remain comparatively high. Overall, the May contract closed the current month with a gain.
• NY March futures settled at 63.03 cents on 20-Feb and improved to 63.61 cents on 27-Feb, registering a week-on-week gain of 0.58 cents.
• On a month-on-month basis, NY March futures moved up from 63.17 cents on 30-Jan to 63.61 cents on 27-Feb, marking a gain of 0.44 cents.
• Export sales are strong and shipments have also shown improvement; however, the major buyer, China, appears to be largely absent from the market.
• U.S. Export Sales report for the week ending 19-Feb-2026 indicated steady demand for cotton, with total net sales for the 2025-2026 marketing year reaching 2,68,400 running bales. This included strong net upland sales of 2,53,200 bales and net Pima sales of 15,200 bales. Export shipments remained healthy, with upland shipments at 1,93,000 bales and Pima shipments at 4,200 bales, reflecting continued execution of earlier commitments. For the 2026-2027 marketing year, net upland sales were reported at 29,700 bales, while no new Pima sales were recorded, bringing total forward sales for the next season to 29,700 bales. Overall, the report suggests consistent buying interest for the current season, with moderate forward booking activity for the upcoming crop year.
• This week, the Gujcot Spot Rate remained firm with a steady upward trend. The rate opened on Monday at 54,100 and improved to 54,200 on Tuesday. On Wednesday, the market gained further strength to 54,300, and it remained unchanged on Thursday at 54,300, reflecting stable demand and balanced arrivals. On Friday, the rate increased to 54,400, indicating continued positive sentiment in the domestic cotton market. On Saturday, the rate was recorded at 54,250, showing the overall weekly tone remained steady to firm.
• The Indian physical cotton market remained firm this week. The Cotton Corporation of India (CCI) reduced its selling rates during the week, which, along with the strength in NY futures, encouraged fresh buying from hedge traders. Due to the lower rates and improved demand, CCI was able to sell a good quantity during the week. Additionally, the extension of CCI’s procurement operations until 15th March has further supported market sentiment and provided stability to the physical market.
• Indian cotton basis remained firm during the week, supported by strong NY futures, a steady rupee, and stable physical market conditions.
• During this week, the Indian basis remained between 11.98 and 12.83.
• During the week, the USD-INR exchange rate remained largely stable with minor fluctuations. The week opened on Monday at 90.88, followed by a slight uptick to 90.95 on Tuesday, which remained unchanged on Wednesday at 90.95. The rupee strengthened marginally on Thursday with the rate easing to 90.91, before weakening slightly to close the week at 90.97 on Friday. Overall, the currency pair traded within a narrow range, reflecting a relatively steady market sentiment throughout the week.
• Let’s hope for the best.