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

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• Short covering and rising crude oil prices kept upward momentum in NY futures. Shipments of more than 4 lakh bales during the week also provided positive support. Ultimately, the NY May futures contract closed with a handsome week-on-week gain of 215 points.
• U.S. Export Sales were lower, but shipments remained decent.
• In the latest U. S. Export Sales Report for the week ending 19-Mar-2026 showed a healthy performance for the 2025-2026 season, with net upland sales reported at 2,02,400 bales and strong upland shipments of 4,00,600 bales, indicating robust demand and active execution. Net Pima sales stood at 30,900 bales with shipments of 7,800 bales, taking the total sales for the week to 2,33,300 bales. For the 2026-2027 season, export activity remained modest, with net upland sales of 27,000 bales and no reported Pima sales, resulting in a total of 27,000 bales. Overall, the report reflects solid shipment pace and steady demand in the current marketing year while forward sales remain limited.
• This week, the Gujcot Spot Rate remained steady at ₹55,900 on both Monday and Tuesday, before witnessing a gradual upward trend with prices rising to ₹56,050 on Wednesday and further to ₹56,150 on Thursday. The market gained additional strength on Friday, closing at ₹56,400, reflecting continued buying interest from mills and traders. On Saturday, the Gujcot Spot Rate was recorded at ₹56,650.
• In the Indian physical market, prices continued to follow the upward trend in NY futures. The depreciation of the rupee, along with higher NY futures, has made Indian cotton relatively cheaper compared to foreign cotton. As a result, there has been strong buying by merchants from CCI. CCI has consistently increased its prices, and despite the higher rates, sales remain robust with significant quantities being offloaded.
• During this week, the Indian basis remained between 6.42 and 8.73.
• The Indian basis has fallen to its lowest level of the year; with the May NY futures, it is around 675 points, while with the July hedge, it is just 451 points.
• This week, the USD-INR exchange rate showed a steady upward trend with some mid-week stability. The rupee opened the week at 93.93 on Monday and slightly strengthened to 93.87 on Tuesday. However, it weakened thereafter, moving up to 93.98 on Wednesday and remaining unchanged on Thursday, indicating a brief consolidation phase. By Friday, the rupee depreciated sharply to close at 94.81, marking the highest level of the week. Overall, the week witnessed a notable depreciation in the rupee against the US dollar, driven by sustained demand for the dollar and underlying market pressures.
• Let’s hope for the best.