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

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• At the start of the week, there was some short covering by speculators, and the market crossed 72 cents. However, lower exports and dull buying pushed back all gains, leading to December future closing with a loss of 57 points week-over-week.
• In the latest U. S. Export Sales Report for the week ending 11-Jul-2024, U.S. export sales reported net upland sales of 27,200 bales for the 2023-2024 marketing year, with upland shipments reaching 1,13,100 bales. Net sales of Pima cotton totaled 3,800 bales, with Pima shipments at 4,300 bales, bringing the total sales for the current marketing year to 31,000 bales. Looking ahead to the 2024-2025 marketing year, net upland sales were recorded at 1,65,600 bales, while net Pima sales amounted to 2,100 bales, resulting in a combined total of 1,67,700 bales.
• Export shipments are currently very slow, and it seems unlikely that we will meet the revised target of 11.6 million bales. To meet this target within the next two weeks, we would need to ship more than 4,00,000 bales. As a result, the closing figures for the US may need to be revised upwards.
• The Gujcot Spot Rate experienced modest fluctuations. It started at 57,900 on Monday, rose to 58,100 on Tuesday, then dipped to 58,050 on Wednesday. The rate fell further to 57,950 on Thursday and continued to decrease to 57,850 by Friday. On Saturday, the rate remained 57,800. Overall, the week's trend shows a gradual decline in the Gujcot Spot Rate.
• All India arrivals are currently near 20,000 bales per day.
• The Indian market is currently near a standstill, with Shankar cotton prices remaining steady around ₹58,000 per candy. The slow purchasing activity from mills, combined with the wait-and-watch approach of stockists and ginners, has resulted in a narrow trading range.
• The high Indian basis is causing difficulties for Indian mills to find buyers.
• Monsoon is progressing well in the cotton-growing areas.
• All-India sowing has crossed 100 lakh hectares, with Gujarat contributing 20,98,600 hectares.
• This week, the USD-INR exchange rate showed minimal fluctuations, starting at 83.59 on Monday and remaining steady at 83.58 on Tuesday and Wednesday. On Thursday, it increased slightly to 83.65 and continued to rise to 83.66 by Friday.
• Hope for a Better Season Ahead