Market Movement from 02nd Sep 2024 to 07th Sep 2024.

• At the start of the week in early December, the market opened on a positive note, showing gains. However, in the last three days of this shortened week, there was a sharp decline, leading to a weekly loss of 211 points.
• In the latest U. S. Export Sales Report for the week ending 29-Aug-2024, U.S. export sales of cotton showed strong activity for the 2024-2025 marketing year, with net upland sales reaching 2,07,500 bales and upland shipments totaling 1,64,100 bales. Pima cotton also performed well, with net sales of 10,100 bales and shipments of 6,000 bales. Total sales for the 2024-2025 period amounted to 2,17,600 bales. For the 2025-2026 marketing year, forward sales were minimal, with net upland sales of 8,400 bales and no Pima sales recorded, bringing total forward sales to 8,400 bales.
• The Indian physical cotton market remains firm due to delays in the arrival of the new crop. However, during the current week, prices have stabilized at around ₹60,000 per candy.
• The Gujcot Spot Rate showed a steady rise in cotton prices at the beginning of the week, starting at ₹59,150 on Monday and reaching ₹60,100 by Wednesday. However, prices began to stabilize towards the latter part of the week, with a slight decline to ₹60,000 on Thursday, followed by ₹59,950 on Friday. The market maintained this level through Saturday at ₹59,850, reflecting a steady yet cautious trend in cotton prices.
• CCI sales were not as high as last week, but there is still buying interest from mills.
• The basis levels are high, prompting some Indian mills to book imports.
• The Indian basis currently ranges between 19.91 and 23.21.
• The total area sown across India is 1,11,73,700 hectares, with Gujarat contributing 23,62,500 hectares to the total sowing area.
• This week, the USD-INR exchange rate showed minimal fluctuations. Starting at 83.92 on Monday, the rate saw a slight increase to 83.97 on both Tuesday and Wednesday. By Thursday, it edged up further to 83.98 before settling at 83.95 on Friday. The overall movement during the week was relatively stable, with the exchange rate hovering around the 83.90-83.98 range.
• The monsoon has taken a brief pause, which is beneficial for the crops.
• "Hope for the best."