Market Movement from 30th Sep 2024 to 05th Oct 2024.

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• NY Dec futures moved from 72.72 cents/lbs on 27-Sep to 73.27 cents/lbs on 04-Oct, recording a W/W gain of 0.55 cents.
• In the latest U. S. Export Sales Report for the week ending 26-Sep-2024, U.S. export sales of cotton showed modest activity. Net Upland sales for the 2024-2025 marketing year reached 95,900 bales, while Upland shipments were higher at 1,07,100 bales. Net Pima sales totaled 9,500 bales, with shipments of 6,500 bales. Total sales for the week amounted to 1,05,400 bales across both Upland and Pima varieties. Looking ahead to the 2025-2026 marketing year, net Upland sales were reported at 39,600 bales, while no Pima sales were recorded, making the total forward sales 39,600 bales.
• The Gujcot Spot Rate showed a consistent downward trend. On Monday, the rate opened at 58,900 INR per candy, followed by a dip to 58,250 on Tuesday. The decline continued throughout the week, with Wednesday's rate at 58,000, Thursday's at 57,750, and a further drop to 57,200 on Friday. On Saturday, the rate stood at 56,750 Rs per candy.
• Last week saw a downtrend in cotton prices, driven by several key factors:
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• Despite wet weather in the previous week, there was a good arrival of cotton, which helped maintain supply levels.
• Spinners in Gujarat received surprisingly attractive rate offers from other states, particularly Karnataka, Madhya Pradesh, and Maharashtra, which further influenced the market.
• The high basis for Indian cotton on the ICE (Intercontinental Exchange) market corrected itself, impacting prices domestically.
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• The V 797 cotton market is experiencing a downturn due to sluggish demand, as mills have shifted their focus from V 797 to other varieties of cotton.
• During this week, the Indian basis remained between 12.93 and 16.05.
• The total cotton sowing across India has reached 1,12,75,700 hectares, with Gujarat contributing 23,68,100 hectares to this total.
• This week, the USD-INR exchange rate showed a gradual upward trend. It started at 83.79 on Monday and slightly increased to 83.82 on Tuesday and Wednesday. By Thursday, the rate rose further to 83.97, maintaining the same level on Friday, indicating a consistent rise in the value of the USD against the INR as the week progressed.
• Let’s hope for the best.