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.

• July began with ICE December cotton future trading in the low seventy-cent range. However, over the past two weeks, prices declined and broke the psychological support level of 68 cents. Despite this, the month's trading range remained between 68 and 74 cents. Factors contributing to this decline include lower-than-expected exports, a higher crop yield, and increased ending stocks in the U.S. Additionally, significant short positions held by speculators have driven the market downward.
• The U.S. export sales fell short of the target, prompting the USDA to revise the target from 11.8 million bales to 11.6 million bales. Despite the new target, sales are still underperforming, and shipments are lagging behind. As a result, the closing stock in the U.S. is expected to increase.
• The Indian government has announced the Minimum Support Price (MSP) for the upcoming season. Despite this increase in MSP, the market remains unstable. At the beginning of the month, the Indian physical market started around 58,000, but sluggish demand has pushed it back to the 56,700 to 57,000 level.
• Indian mills are struggling to break even due to the high cost of cotton in the country. While composite mills are performing relatively well, standalone spinning mills are finding it difficult to survive. The demand for yarn is sluggish, and weaving units are not operating at full capacity.
• The Indian basis is higher, and most of the time it ranges between 1600 to 1800 on the NY December.
• The Indian currency remained stable within a narrow range of 83.43 to 83.72 Rs per USD.
• During the month, the daily arrival of cotton across India ranged from 20,000 to 30,000 bales. In Gujarat, arrivals were initially high but dropped significantly later in the month.
• The monsoon has shown good progress across the entire cotton-growing region.
• Hope for a better season ahead.