Monthly Rate Movement Report – Jan 2023
Posted : July 20, 2024

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.

 

  • Daily Physical Spot Rate

 

  • MCX Cotton Daily Closing Rate

 

  • USD-INR Exchange Rate Closing

 

  • Cotlook Index

 

  • ICE Future Closing

 

  • NCDEX Kapas Rate

 

  • MCX Future Closing

 

  • NCDEX and MCX converted into Rs. Candy Rate

 

We hope it will be useful to all the stake holders of Textile Value Chain.

 

  • Market remained volatile during the month of January but traded in a narrow range.
  • NY March future traded in 80 to 88 cents per lb range. Higher U.S. export and some technical buying pushed the market in upper end of the range in later part of the month. But yet not able to break strong resistance at 88 cents. Farmer’s fixation and some spec selling stopped the rally in 88 cents area.
  • U.S. export sales was decent in last 3 weeks as China returned from zero covid policy. Pakistan also remained major buyer.
  • Indian Shankar-6 stuck in tight range between 61,000-63,000. As arrival picked up. Limited demand stopped the rally beyond Rs. 63,000 per candy.
  • Some quality issue emerged as third picking Kapas entered the market.
  • Indian rupee has big range of 81-83 per USD during the month which also affected Indian basis.
  • Indian basis remained between 900 to 1,500 points on against NY March.
  • Yet Indian cotton is not attractive for export but cotton yarn prices got near to competitive price. With increasing yarn export sales Indian mills increased their production.
  • MCX contract will resume trading in mid-February. It will provide some direction to the market.
  • Hope for arrival to increase in February.

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