Home / Knowledge / News / Textiles / ECOM daily cotton market recap - Feb 1, 2007

ECOM daily cotton market recap - Feb 1, 2007

02
Feb '07
Following a firmer market yesterday, there appeared to be little early follow through with the opening called for 20 lower. Some last minute fund buying in the March saw an eventual unchanged opening at 54.00. Prices found some strength in particularly from the commercial merchants bull spreading on the March / May.

This spread managed to quickly come in from 105 to as narrow as 70, before bouncing back out to the 95 level by the close. Prices backed away though with little other fundamental demand and as something of a backwash of yesterday's response to the US Ag secretary's farm bill proposal.

Through the rest of the session it was a slow grind lower as prices begrudgingly eroded yesterday's gains but there was little other impetus. In the end prices finished with active month losses of 43 to 58 points amidst an estimated 23,475 lots volume.

This morning's US export report was very vanilla with a combined total of 195,700 bales selling mostly to China (50,900) and Turkey (32,900). For the week the US shipped a combined total of 150,100 bales. Many are beginning to openly object to the USDA's export target of 15.7 million bales, expecting something closer to 14.0 at the current rate as a maximum.

Tomorrow morning will be historic as it marks the first day of electronic trading for the NYBOT's products including Cotton. The electronic will start at 7am EST in New York through to 3.15EST.

It certainly will be interesting to see if there is any effect on the market with these extended trading hours. That said, the NYBOT open outcry will keep the same hours as currently, as well as being the only outlet for trading options, which thus far are not available on the electronic platform.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 28th Sep 2021

California 1st US state to require hourly wages for garment workers

Taking historic and decisive action to help keep workers safe on the...

Pic: ADB

Textiles | On 28th Sep 2021

ADB approves $250-mn loan to support Bangladesh’s economic recovery

The Asian Development Bank has approved a $250-million policy-based...

Pic: Shutterstock

Textiles | On 28th Sep 2021

US 2020-21 cotton exports highest in 15 years

Spurred by record global imports, US cotton exports in 2020-21 were...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Ensured payment of fee was least concern for students

Ritu Oberoi,

Ritu Oberoi

Mumbai-based Forsarees is a socially driven business enterprise, working...

Shambhu Nath Jha,

Shambhu Nath Jha

Leading research and consulting firm Fact.MR recently launched a report on ...

C Maennich,

C Maennich

Trützschler, one of the world's leading textile machinery manufacturers,...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Dr. Sean Blamires, Evolution and Ecology Research Centre

Dr. Sean Blamires
Evolution and Ecology Research Centre

Using spider silk for clothing may not seem to be an attractive...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

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

Leave your Comments


September 2021

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


Advanced Search