Home / Knowledge / News / Textiles / Plentiful supply of cotton leads to wait & watch by buyers
Plentiful supply of cotton leads to wait & watch by buyers
18
Apr '08
The weakness in cotton from yesterday carried through to Thursday early session. Overnight ICE opened around 20 lower amid higher grains prices, crude oil and the commodities index. Dollar index, on the other hand, has recovered part of yesterday's losses.

As early morning options trading was quiet, light volume online futures trading took the market down to 150 points lower. Trading was then held back as traders awaited the Chicago market to re-open. Support came from the friendly grains open but only held temporarily before market saw weaknesses in crude oil and Chicago grains.

New low was created close to noon which pushed K'08 to approach 71 cents, where overseas buyers had been look at importing U.S. cotton. NYF then slipped into quiet trading before session close at 71.75 basis K'08.

This morning's U.S. export report (chart on page 2 in attached PDF) proved that overseas mills are in no rush to purchase inventory when NYF backed off from their acceptable price level. Due to the tight profit margin, most mills are only buying hand to mouth. And since there's plenty cotton around, they can afford to play the waiting game.

New sales were only 148,800 running bales upland and pima combined compared to 493,600 the week before. The major buyers were China with 48,200 bales, Turkey with 22,000 bales and Korea with 22,000 bales. Shipments were slightly improved from last week at 313,600 running bales combined with 122,200 bales leaving forChina and 31,200 bales leaving for Mexico.

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search