GUJCOT MONTHLY RATE MOVEMENT REPORT– NOVEMBER-2024

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 December future experienced high open interest and significant call purchases, followed by lower call sales, resulting in heightened volatility throughout the month. The price had been stuck in a range of 68 to 72 cents per pound for a long time but suddenly December future dropped below 67 cents as the options expiry approached. After the expiry, there was a sharp rebound towards the end of the month, causing prices to surpass the March futures, which led to a reverse carrying scenario.
• At the end of the month, the front-month contract for NY March remained confined within a narrow range of 69 to 72 cents.
• At the beginning of the month, the Indian physical market saw an upward trend following the festival break, reaching a peak of 55,200 Rs per candy. However, this level could not be sustained due to sluggish demand, leading the market to decline to 53,700 Rs per candy. At this point, buying by the Cotton Corporation of India (C.C.I.) provided support, helping the market stabilize and recover slightly, moving closer to the pivot point between the high and low levels.
• The Indian basis typically remains between 1,200 and 1,400 points for an extended period. During times of significant volatility, it may exceed these levels on either side. Toward the end of the month, the front month shifts to March, so in the last week, the basis usually stays between 1,000 and 1,200 in relation to NY March.
• With the victory of President Donald Trump in US presidential election, the U.S. dollar strengthened, putting increased pressure on the Indian rupee, which fell to an all-time low of approximately ₹ 84.50 per dollar.