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.

• November was typically dominated by bears, characterized by sluggish trading throughout the month. In New York, December exhibited a wide trading range of 74.89 to 80.39 cents per lb, whereas March, the current lead month, remained stuck in a narrow range of 77.70 to 82.34 cents per lb. Month-over-month, December experienced a loss of 182 points, while March concluded with a 345 points loss.
• The most disheartening aspect was the Gaza war and the sluggish demand for yarn.
• U.S. export sales were robust in November, totaling 1.3 million bales in the last four weeks. However, the strong performance was not driven by increased demand but rather by China's strategic purchases to replenish reserves.
• The Indian physical market witnessed significant arrival pressure and sluggish demand from mills. Consequently, the Gujarat Shankar-6 rate declined from 57,000 to 55,500 Rs per candy, reflecting a loss of nearly 1,500 Rs per candy.
• In North India and Telangana, C.C.I. primarily conducted purchases in accordance with the M.S.P. procurement. According to reports, a total of 2,14,313 bales were procured on a nationwide basis till 27^th November.
• Indian arrivals are expected to persist, surpassing 1,50,000 bales per day by the end of this month, and indications suggest that this trend will likely continue into December.
• Indian mills are currently experiencing a lack of substantial yarn purchases, leading them to adopt a cautious approach by opting for a hand-to-mouth strategy.
• The Indian basis ranged between 700 to 950 points in the first three weeks, and in the last week, it was approximately 550 to 700 points, aligned with NY March.
• The Indian rupee remained stable within a narrow range, fluctuating between 83.14 to 83.39 Rs per USD.
• Inclement weather, accompanied by unwanted rain, occurred in the last week of the month, adversely affecting the crops. Additionally, there were reports of pink bollworm infestation in Saurashtra, though it appears to be manageable for farmers.
• Overall, with sluggish arrivals, subdued demand, and disparities across the entire value chain, the month of November did not prove to be favorable for stakeholders.
• Hoping for a turnaround in the upcoming month, with improved conditions and a more balanced situation for all involved.