Market Movement from 15th Apr 2024 to 20th Apr 2024.

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• NY future is continuing its downward trend under the pressure of certified stock, exacerbated by escalating tensions between Iran and Israel, along with technical damage. Speculators are liquidating their long positions amidst these conditions.
• As we approach the notice period in May futures, the entire trade is shifting focus towards July. The July NY futures closed at 81.02 with a weekly loss of 357 points.
• Despite decent export sales and shipments, the market ignored these positive indicators and continued its downtrend.
• In the latest U. S. Export Sales Report for the week ending 11-April-2024, export sales data reveals a mixed picture. Net upland sales for the 2023-2024 season stood at 1,46,100 bales, accompanied by upland shipments totaling 2,66,700 bales. Meanwhile, net Pima sales amounted to 2,700 bales, with shipments totaling 5,900 bales, resulting in a total sales figure of 1,48,800 bales. Looking ahead to the 2024-2025 season, net upland sales experienced a decrease to 80,100 bales, while there were no reported net Pima sales, bringing the total to 80,100 bales for the period.
• This week in the cotton market, Gujcot Spot Rate showed fluctuation, starting at 59,200 on Monday and slightly rising to 59,350 on Tuesday before experiencing a decline to 58,600 on Wednesday. The downward trend continued with rates dropping to 57,950 on Thursday and further to 57,600 by Friday, the week concluded with the rate remaining stable at 57,850 on Saturday.
• The Indian physical market faced pressure from basis sellers, prompting multinational corporations (MNCs) to execute significant forward sales. With Indian basis rates elevated due to the sharp decline in NY prices, it's advantageous for merchants to offload their hedge positions.
• The Indian Basis fluctuated between 7.56 and 10.39 throughout the week, with the lowest value observed on April 15th and the highest on April 18th.
• This week witnessed minimal fluctuations in the USD-INR exchange rate, with the value holding steady at 83.45 on Monday and remaining relatively unchanged at 83.53 throughout Tuesday, Wednesday, and Thursday. However, a slight adjustment occurred on Friday, with the rate marginally decreasing to 83.47.