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 (March and May) traded within a 300-point range during the month. March futures moved between 61 and 64 cents, while May futures traded in the 63 to 66 cents range. The issue of higher on-call purchases versus on-call sales in the old crop has largely been resolved, with positions being transferred to the new crop ahead of the March expiry.
The latest WASDE report released by the United States Department of Agriculture was largely neutral and did not provide a clear directional signal to the market. However, U.S. export sales and shipments remained robust throughout the month, indicating steady global demand for U.S. cotton.
In India, the physical market remained confined to a narrow range of ₹54,000 to ₹54,800 per candy, with overall sentiment appearing cautious. The Cotton Corporation of India (CCI) extended its procurement operations through February and in some regions until March 15. Following a reduction in auction rates, CCI witnessed improved buying interest.
Indian cotton basis improved during the month, supported by a stable rupee, firm NY futures, and slightly softer domestic physical prices. At the beginning of the month, the basis was around +1,600 points over NY futures; by month-end, it strengthened to around +1,200 points over the nearby NY contract. With May now the lead month, the basis stands near +1,000 points over May futures. This improvement has provided relief to Indian spinners.
The Indian rupee remained relatively stable between ₹90 and ₹91 per U.S. dollar. Optimism around trade developments supported the rupee earlier in the month, but geopolitical tensions toward the end created volatility, leading to depreciation near ₹91 per dollar.
Looking ahead, CCI procurement is expected to conclude soon, while CCI sales will likely continue, making it a key sourcing channel for spinners. Arrivals are nearing completion in several regions, with major pending arrivals concentrated in Central India.
Overall, the market may present trading and margin opportunities for all stakeholders in the coming month.