Home / Knowledge / News / Textiles / ECOM daily cotton markets recap - Feb 20, 2007

ECOM daily cotton markets recap - Feb 20, 2007

21
Feb '07
Futures continued on firmly this morning in the E trade session, with the entire board around 30 higher initially, albeit on almost no volume. The open outcry session opened around these same levels circa 54.20-54.30 in March. Prices immediately caught a bid tone as the short specs continue to be squeezed out of March.

The March / May spread as expected stayed firm, with March trading in excess of 2 cents premium for most of the session. March has now 16,524 contracts open interest as of this morning, and with just one trading day before tomorrow evening's first notices, all traders await eagerly who will be the issuers and stoppers of March delivery.

Meanwhile the market kept firm, having briefly touched lower soon after the reopening, the March soon touched off into recent highs at 54.70 before some commercial selling kept it in check. May managed to get as high as 52.80, but again proved an inability to break free of Marches shackles.

In the end the market see sawed a little towards the close, with March tracking back near unchanged before a swarming of market on close buying out of the funds saw March close some 50 points higher at 54.50. Volume was high today, though well off last week's record setting levels with a combined 28,482 lots trading.

This weeks spec hedge report has been delayed until tomorrow morning due to the Presidents day holiday, and it is with some intrigue that we await this position. Over the past week the specshave been rolling their overall shorts forward to May, though with open interest declining significantly, we can assume that many traditional shorts have been simply liquidating shorts. We can expect the net spec position to be a touch longer, say 4-5% net short.


Must ReadView All

European Commission proposes new EU GSP for 2024-2034 period

Textiles | On 24th Sep 2021

European Commission proposes new EU GSP for 2024-2034 period

The European Commission recently adopted the legislative proposal for ...

Pic: EURATEX

Press Release | On 24th Sep 2021

EURATEX president Paccanelli urges for support to tackle energy crisis

European Apparel and Textile Confederation (EURATEX) has announced...

Pic: Shutterstock

Apparel/Garments | On 24th Sep 2021

UK competition watchdog to crack down on green fashion claims

To help businesses understand how to communicate their green...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Switch was not 100% pandemic related

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Chendhuran Sundar,

Chendhuran Sundar

It manufactures and retails menswear garments in India under the brand...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

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