Monthly Rate Movement Report – January 2018
Dear All Cotton Friends,
In mission to give Daily Spot Rate Team Gujarat is getting valuable support from Gujcot broker panel. We appreciated their humble service to trade.
Gujcot Team is giving daily closing of Indian and foreign futures rate.
In this report we have provided Following Rates during the month.
We hope it will be useful to all stake holders of Textile Value Chain.
Month of January started with higher rate and till mid January it remained stable and played in a small range. During festival days of sankranti arrival slowed down but rest of the time arrival was regular and ginning ran without interruption. Gujcot spot rate of 29 mm Shankar-6 ware remained between 42,850 to 43,650 during the month but most of the part it was stable between small range of 43,100 to 43,300.
Compare to ICE, GUJCOT Spot Rate in January Opened high at 43,650 and closed lower. ICE opened with low at 70.84 and finished the month at high as 74.40.
Very low volatility did not gives much opportunity for speculative traders or ginners.
At global front market was waiting for some positive outcome of China and US trade talk but market was disappointed on this front. NY futures also played in a small range.
At the end of January there was enough availability of cotton for Indian consumers and they are not in hurry to build big inventories.
Yet up to 31st January Indian Raw cotton exports has reached hardly around 25 lakh bales. As par DGCIS up to December Indian export reached up to 19 lakh bales including cotton waste so we anticipate January export is maximum 7 lakh bales .
At all conclusion opening stock of February will remain handsome and without big demand in export, price will remain in range bound. Though MSP gives security to farmers and kapas will arrival will be gradual and season looks to drag to some long time. Ginners have to hold their patience.