Market Movement from 22nd Apr 2024 to 27th Apr 2024.

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• The week began with a correction mode, but ultimately surrendered all gains by the week's end. The market, oversold as it was, seemed to overlook positive export figures. In July, the market remained nearly unchanged, ending the week with a loss of 12 points.
• In the latest U. S. Export Sales Report for the week ending 18-April-2024, there were notable figures across both Upland and Pima cotton categories. Upland sales for the 2023-2024 season reached 1,77,100 bales, with shipments totaling 2,61,700 bales, while Pima sales stood at 12,400 bales with shipments amounting to 10,100 bales, resulting in a total of 1,89,500 bales sold. Contrastingly, for the 2024-2025 season, Upland sales decreased significantly to 65,700 bales, while there were no reported Pima sales, bringing the total sales to 65,700 bales.
• Both export sales and shipments were decent, surpassing the required targets.
• Gujcot Spot Rate showed slight fluctuations with a Monday opening at 58,000 Rs per Candy followed by a marginal increase to 58,050 on Tuesday and Wednesday, maintaining stability. However, by Thursday, there was a slight dip to 57,900, likely reflecting market adjustments. The week concluded with a return to the opening rate of 58,000 on Friday, suggesting resilience in the market despite midweek variations. The rate for Saturday is 57,900.
• The daily arrivals across India have now dropped below 50,000, with Gujarat contributing 18,000 bales per day.
• The Indian physical market remained nearly unchanged, with basis players offloading significant quantities.
• Indian cotton basis showed fluctuation throughout the week, ranging from 6.33 to 7.87.
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• This week witnessed subtle movements in the USD-INR exchange rate, starting at 83.36 on Monday, followed by a slight decrease to 83.34 on Tuesday and 83.32 on Wednesday, reflecting a minor fluctuation. Thursday saw a marginal further decline to 83.31, indicating some stability in the exchange market. However, the rate slightly rebounded to 83.34 on Friday, closing the week with a modest increase.