GUJCOT MONTHLY RATE MOVEMENT REPORT– MAY-2024
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.

 

  • At the start of the month, NY Futures traded within a narrow range. Mid-month, there was an upward movement from the 75 cents to 80 cents range. However, the middle of the month saw more bearish activity. In the last week, the price briefly crossed 82 cents but failed to sustain this level and subsequently fell back below the 80-cent range.
  • At the close of the month, NY July Futures closed with a loss of 228 points month-over-month, while NY December Futures closed at 75.11, with a loss of 172 points month-over-month.
  • U.S. Export sales were strong, but shipments were lagging behind, making it difficult to meet the target of 12.3 million bales set by the USDA.
  • The U.S. new crop prediction is expected to be 16 million bales, marking an increase of 3.9 million bales compared to the current season.
  • In the Indian physical market, prices remained within the range of 56,500 to 57,500 throughout the month.
  • As this month was dominated by sales offers from basis players, merchants were able to sell a significant quantity through forward sales to Indian mills.
  • Indian mills faced some challenges in selling yarn due to the higher basis of Indian cotton.
  • There was a notable trade for imported cotton in South India when NY futures were at lower levels.
  • Overall, this month proved to be profitable for basis players, with most of the trading occurring in a downward trend.
  • Next month, the monsoon is expected to progress towards all cotton-growing areas, with the IMD predicting a good and timely monsoon.
  • Let's hope for the best.

 

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