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.

• NY remained stuck in a narrow range throughout the January–March quarter. As the NY March contract approached expiry, it experienced some downward movement but largely stayed within the 65–68 range. Meanwhile, the NY May contract remained confined to a narrow range of 65–69.
• The cotton market has yet to show an upward trend despite some positive news, primarily due to several macroeconomic factors. These include the U.S. tariff war, the ongoing war and ceasefire situation in Gaza, the Russia-Ukraine conflict, and other global economic uncertainties.
• U.S. exports and shipments are on track to achieve the USDA's target of 11 million bales, even with minimal buying from China. Demand remains strong at levels in the high sixties.
• As on-call purchases exceed on-call sales, they must be settled before the expiry of the old season.
• The Indian physical market closely followed the trend of NY Futures, remaining confined within a narrow range of 53,000 to 54,000 throughout the quarter.
• All India arrivals remain on the higher side due to the higher rates offered under the Minimum Support Price (MSP) by the Cotton Corporation of India (CCI). CCI has procured nearly one crore bales or slightly below that figure and has closed its purchase operations as of March 15th.
• The Cotton Corporation of India (C.C.I.) has begun selling procured cotton. So far, they have sold approximately 11 lakh bales from the previous season and nearly 12 lakh bales from the current season. Additionally, they aim to sell the entire stock by the end of July.
• The Indian rupee fluctuated due to various macroeconomic conditions. In the middle of the quarter, it depreciated to 87.6 from 85. However, by the end of the quarter, the rupee regained strength and returned to its previous range of 85.5 to 88 per US dollar.
• Indian bases remained stable between 1,100 and 1,300 in relation to nearby NY Futures.
• Indian mills have booked a significant amount of cotton under advance licenses, with the impact expected to exceed 20 lakh bales by March. Meanwhile, exports are lagging behind, reaching only around 10 lakh bales.
• Indian mills had received good orders and were operating at full capacity until March. The depreciation of the rupee from 85 to 87.50 provided an additional opportunity to earn. However, they are now struggling to find buyers.
• Overall, it was a good quarter for farmers, supported by CCI, and also a profitable period for mills. However, ginners faced difficulties in earning and maintaining continuous operations during this quarter.
• From the next quarter, arrivals are expected to slow down, and ginners are hoping for better rates. Meanwhile, C.C.I. will continue selling. It will be interesting to observe the market movement.
• Let's hope for the best.