Market Movement from 23rd Sep 2024 to 28th Sep 2024.

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• NY December cotton futures have shown a stable to slightly downward trend, reflecting slower demand due to lower export sales. On September 20th, NY December cotton futures closed at 73.52 cents, but declined to 72.72 cents by September 27th, marking a week-over-week loss of 0.80 cents.
• In the latest U. S. Export Sales Report for the week ending 19-Sep2024, For the 2024-2025 marketing year, the U.S. recorded net upland sales of 87,800 bales, with upland shipments reaching 79,500 bales. Additionally, net Pima sales were reported at 10,900 bales, and Pima shipments totaled 7,100 bales. This brings the total sales for the week to 98,700 bales. For the 2025-2026 marketing year, there were no net upland or Pima sales reported, resulting in a total of zero for this period.
• The Gujcot Spot Rate showed a slight downward trend, starting at ₹59,650 per candy on Monday and gradually decreasing to ₹59,250 per candy on Tuesday and ₹59,050 on Wednesday. By Thursday, the rate had reached ₹59,000, where it remained steady through Friday and ₹58,900 on Saturday, reflecting a stabilization in the cotton market towards the end of the week.
• With the commencement of new cotton arrivals in the market, Indian Shankar cotton has faced some selling pressure, leading to a sharp decline in the price of Shankar 6. However, arrivals have been disrupted by the rain over the past two days, preventing further market declines and causing prices to stabilize and firm up in the last few days of the week.
• Due to the possibility of rain in Gujarat between September 23rd and 30th, with further rainfall expected in the first week of October, the market is likely to remain stable or show a slight upward trend, rather than moving downward. Approximately 65% of Gujarat's area has experienced or will experience rainfall in varying quantities during this period.
• The total cotton sowing across India has reached 1,12,75,700 hectares, with Gujarat contributing 23,66,700 hectares to this total.
• The Indian basis has narrowed due to stable New York futures and a declining Indian physical market. However, the basis remains near 1,700 points over the New York December contract, which is too high to remain competitive with other origins.
• This week, the USD-INR exchange rate showed slight fluctuations, starting at 83.55 on Monday and gradually increasing to 83.67 on Tuesday. It dipped slightly to 83.59 on Wednesday but rose again to 83.64 on Thursday. By the end of the week on Friday, the exchange rate reached 83.70, reflecting a consistent upward trend throughout the week.
• Let’s hope for the best.