MONTHLY RATE MOVEMENT REPORT APR-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.

 

  • Happy Gujarat Sthapana Divas
  • The first half of the month saw a narrow range of 80 to 85 cents for NY futures, but the second half was bearish with a range of 76.5 to 81 cents. USDA released the WASDE report, which was nearly neutral and did not cause any significant volatility.
  • U. S. Export Sales and shipments were generally better, leading USDA to raise export estimates by 2 lakh bales.
  • Indian arrivals were higher compared to the average arrival of April 2022, and farmers were willing to sell.
  • The Cotton Association of India (CAI) estimated the pressing of this season to be 303 lakh bales, while the Cotton Advisory Board (COCPC) gave an estimate of 337 lack bales of 170 kgs.
  • Unseasonal rain was observed in most parts of India during the month.
  • Sowing in North India has started.
  • The Indian basis remained higher between 12 to 19 premiums to nearby NY futures.
  • Some import bargain has been done by Indian mills.
  • Raw cotton export is very slow, and yarn export also remained sluggish.
  • All India arrival during the month mainly stayed at 1,25,000 bales per day on average, with Gujarat near 40,000 bales per day on average.
  • Looking ahead to next month, arrival is expected to remain better, and we hope for better earnings in May.

 

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