>>
Home / Knowledge / News / Textiles / NY futures bounce back strongly

NY futures bounce back strongly

12
Apr '08
NY futures rebounded strongly this week, with May rallying 434 points to close at 74.75 cents, while December advanced 453 points to close at 85.40 cents.

A piggyback ride on the strength of other commodities, a benign USDA supply/demand report and strong US export sales gave the market a much needed boost this week.

The CRB index rallied 4.5 percent this week and closed just 2.5 percent below its March 13 record of 420.64. Apart from crude oil, which traded as high as 112 dollar a barrel, it was Ag commodities that performed extremely well over the last few sessions.

This renewed strength in Ag commodities may be connected to recent headlines regarding food riots in many parts around the globe. Earlier this week protests against high food prices turned violent in Haiti and Egypt and there have been widespread protests in parts of Asia and a number of African countries.

In the case of rice, which is the staple food to over 3 billion people, prices have doubled over the last year. While governments of rice-importing nations such as the Philippines are scrambling for supplies even at these elevated prices, producing countries such as Cambodia, Vietnam, India and China have been curbing exports.

There are reports of hoarding on both ends of the supply chain, which have pushed the price of rice higher than fundamentals may justify, but global stocks are near the lowest level in over two decades and there seems to be no immediate solution to this spike in prices.

This food crisis has been brewing for years and despite warnings by the UN no one seemed to take it seriously. In China rice acreage has dropped by 7 million acres over the last ten years, mainly due to urbanization and more recently due to a switch to corn for ethanol, while the rapidly rising middle class in China and India has been consuming vast amounts more year after year. This in turn should provide support to cotton, especially with US cotton acreage at the lowest level in 25 years.


Must ReadView All

Pic: Shutterstock

Textiles | On 19th May 2022

Vietnam needs to shift economic model to reach high-income status: WB

For Vietnam to realise its aspiration for reaching high income status ...

Pic: Shutterstock

Textiles | On 19th May 2022

IPEF to help enhance economic ties with Indo-Pacific nations: US

The Indo-Pacific Economic Framework (IPEF) proposed by the United...

Pic: Shutterstock

Textiles | On 19th May 2022

EU economy grows in Q1 2022, pace slightly slower than Q4 2021

The EU economy continued to grow in the first quarter of 2022, but at ...

Interviews View All

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Richard Armitage,

Richard Armitage

Adaptive Control automates, controls and monitors machines, systems and...

Mohd. Showkot Ali,

Mohd. Showkot Ali

Bangladesh-based Maksons Group owns and operates multiple corporations and ...

T Rajkumar,

T Rajkumar

<div>Confederation of Indian Textile Industry (CITI) being one of the...

Claudio Fracasso, FARÈ

Claudio Fracasso
FARÈ

Since 1970, Italy-based company FARÈ has been designing and manufacturing...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

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

Tonny De Beer, PFNonwovens

Tonny De Beer
PFNonwovens

PFNonwovens (PFN) was established in 2018 by the combination of two...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

Sarah & Sandeep Gonsalves, Label - Sarah & Sandeep

Sarah & Sandeep Gonsalves
Label - Sarah & Sandeep

Sarah &amp; Sandeep is a luxury designer label synonymous with a...

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

ESTEEMED CLIENTS

Tuyap Tum Fuarcilik Yapim A.S.
Recron Polyester from Reliance Industries Limited
COTTON COUNCIL INTERNATIONAL
Recron Polyester from Reliance Industries Limited
Datatex Consulting Srl
Copenhagen Fashion Summit
K AND D ITMACH EXPOSITIONS LLP
Guess Europe Sagl,
Eurofins BLC Leather Technology Centre Ltd
Restoque S.A.
Rieter India Private Limited
Shanghai  Aige Exhibition Service Co., Ltd
Grasim Industries Limited
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Flainox S.r.l.
Colours India Inc
GIOVANNI BOZZETTO S.p.A.
Jindal Worldwide Limited
Saurer Textile Solutions Pvt. Ltd.
Rosset ;& Cia Limited
Desigual - ABASIC, S.A.
Tchibo GmbH
TÜYAP IHTISAS FUARLARI A.S.
Maceton Limited
Midas Clothing Limited
Lenzing Aktiengesellschaft - India
Gokaldas Exports Limited
KAS Direct Sourcing
BIANCA
Sateri (Jiujiang) Fiber Co.,Ltd
Loris Bellini S.r.l.
Truetzschler India Private Limited
Lifestyle
Messe Duesseldorf
International Sourcing Expo Australia
Sportswear Company Spa
Landmark Group
Brandix Lanka Limited
T.T. Limited
Marzoli Machines Textile s.r.l.
Gap International Sourcing Limited
Thai Acrylic Fibre Company Limited
TESTEX AG, Swiss Textile Testing Institute
EUROVET ASIA LTD
Dow Silicones Corporation
Alix Partners
IFF Media Ag - International Media Services
The Top Form Brassiere Manufacturing Company Limited
CGS Inc.
DyStar India Pvt. Ltd
BTC Textiles LLC
Thai Trade Center
Mayer & Cie. GmbH & Co. KG
Green Fibre
Helly Hansen Far East Ltd
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Phong Phu international JSC (PPJ)
NV Michel Van de Wiele
OVS Hong Kong Sourcing Ltd.
Meera Dyestuff Industries
Inter Expo Center Ltd.
IIGM Private Limited
Gloria Jeans
Cat Tuong Real Estate Group Joint Stock Company
FESPA (Reigate)
Page Industries Limited (Bangalore)
UBM China (Shanghai)
X-Rite Asia Pacific Limited (HK)
Weitmann & Konrad GmbH & Co. KG
Zünd Systemtechnik AG
Tommy Hilfiger
Reiter India Private Limited
VNU Exhibitions Asia
Taiwan Textile Federation (TTF)
Groz-Beckert KG
CSGIA(China Screen Printing & Graphic Imaging Association)
Amazon China
Chori Company Limited
Seasalt Limited
Vardhman Textile Ltd
Coats Digital Limited
EMBEE CORPORATION
Calvin Klein
JES MEDIA, INC
Arvind Limited
GHCL LIMITED
Sainsbury's Argos Asia Limited
Istanbul Fuarcilik A.S.
Applied DNA Sciences Inc
G-Star Raw C.V.
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
N9 World Technologies Private Limited
Infor (Hong Kong) Limited
EPCH
IDH – The Sustainable Trade Initiative
Woolmark Services India Pvt. Ltd.
Kern – Liebers Textile
Performance Days
H;&M Hennes ;& Mauritz (Far East) Ltd
Etam Group Strategy Hong Kong Limited
Kornit Digital Asia Pacific Ltd
Centric Software
KIABI
Italian Trade Commission
C;&A Sourcing International Ltd
Mesdan SPA
Lululemon Athletica Inc
IKEA of Sweden AB
PVH Corporation
BIMBA ;& LOLA SL
Lisa S.P.A.
Babyshop
The LYCRA Company Singapore  Pte. Ltd
Hela Clothing Pvt Ltd
Sportmaster Ltd.
Karl Mayer Textilmaschinenfabrik GmbH
TEXVALLEY MARKET LIMITED
The LYCRA Company Singapore  Pte. Ltd
Varner AS Retail
H. Stoll AG & Company KG
Permoda(Koaj/Armi/Pronto/Bkul)
BRINKMANN GMBH
GERBER TECHNOLOGY LTD.
Puma
Abit
FULGAR SpA
Vianney Textil Hogar S.A. De C.V.
Eastman Chemical Company
Decathlon
Nihalani Events Management
MAS Active / MAS Kreeda / MAS Bodyline
NITI Aayog
Brückner Trockentechnik GmbH & Co. KG
Alison Hayes Romania
Comasia Limited
Stahl Holdings B.V.,
SYNERGIES HONG KONG LIMITED
Lectra Technologies India Pvt Ltd.
Target Corporation (MN)
Lacoste (Wanchai)
John Varvatos
ITMA Services Pte Ltd
Aramark Uniform ;& Career Apparel, LLC
Chico’ FAS
Esprit Europe Services GmbH
TESCO INTERNATIONAL SOURCING LIMITED
Groz-Beckert East Asia LLP
Color Service s.r.l.
Under Armour Global Sourcing Ltd
Haelixa AG
Aleph Srl
Lenzing Aktiengesellschaft
DuPont de Nemours, Inc.,
Nandan Denim Limited
Aquarelle Clothing Limited
USTER
Tradewind International Servicing
APLF Limited
Walmart
Bluestem Global Sourcing Limited
ZAITEX spa
LC Waikiki
THE BOMBAY DYEING ;& MFG.CO. LTD
Indofil Industries Limited - Specialty & Performance Chemicals Division
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Xtema - Thomas Lebherz Textilmaschinen
Messe Frankfurt Exhibition GmbH
Palexpo SA
Tory Burch Hong Kong Ltd
Officina Meccanica Dora Enrico Srl
International Textile Manufacturers Federation
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Rayonese Textile Inc., Division de Culp Inc.
G.A.S. unternehmenskommunikation gmbh
Datacolor AG Europe
Itema Weaving (India) Private Limited
J ;& P Coats
Zydex Industries
Shima Seiki Mfg. Ltd.
Splash
Benetton Group
Jiangsu Yingyang Nonwoven Machinery Company Limited
Hirdaramani International Export Private Limited
Boardriders Asia Sourcing Limited
Newtech Textile Technology Development (Shanghai) Company Limited
Huntsman (Singapore) Pte Ltd
Indo Tex
Savio Macchine Tessili S.P.A.
China World International Exhibition Company Limited
Gatsby Africa
Lottmann Communications
Pt. Peraga Nusantara Jaya Sakti
Asos
Bluesign Technologies Ag
BTSR International S.P.A.
Thermore (Far East) Ltd.
Equinox Impex India
SHAHI Exports Pvt Ltd

May 2022

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


Advanced Search