Home / Knowledge / News / Textiles / Some more weakness in cotton market

Some more weakness in cotton market

06
Apr '07
Cotton futures began the day being bid on the electronic exchange, trading 10-15 higher throughout the pre-opening. An extension of yesterday's late buying and also strength again in the grain complex (weekend freeze threats throughout the mid west and the delta).

The outcry session opened higher, and pushed as much as 20 higher in the May before running out of steam. Locals turned good sellers early, realizing that there may be some spec weakness under the 53.00 area, and prices soon ran down beneath 53.00 but were nonetheless well supported at these levels.

Some more weakness was noted in the spreads, with the May/July spreads again under pressure, widening early beyond 150 and out to a maximum of 164 points on the screen late in the session.

It appears that there will not be a strong taker on the May as there was for the March, thanks in part to a lack of heavily discounted cotton on the board, as well as more free stocks currently available after large recent equity redemptions. Prices closed the day and the week near their daily lows at 52.95 on May. Estimated volume for the day was decent at 22,000 lots.

This morning's US export sales and shipments were again over expectations with China once again at the front of the line for US cotton. New sales of 394,600 combined Upland and Pima bales included a whopping 206,300 bales going to China. Shipments were again higher, with the recent trend picking up considerably.

Shipmentsof 317,700 running bales are still behind the average needed to make the USDA forecast of 14.0 million bales, but they are heading in the right direction. NYBOT closed on Friday 6th April to commemorate and observe the Easter holiday. ECOM offices will be closed in the US, with both the exchange and ECOM USA Inc resuming business sual on Monday morning.


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

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability both financially & environmentally...

Water stewardship, Stakeholders

Water stewardship
Stakeholders

Water use efficiency remains relatively unexplored

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Akram Tariq Khan,

Akram Tariq Khan

E-commerce brand YourLibaas meaning "garment or attire" in Udru, was...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Asif Rahman, MIP

Asif Rahman
MIP

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

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Gaurang Shah, Label Gaurang Shah

Gaurang Shah
Label Gaurang Shah

Hyderabad based designer <b>Gaurang Shah</b>, has been traversing the...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

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