– Reporting Period 17 – 30 July 2024 –
Prices were put under pressure by a cotton crop that had been projected higher for the coming season, by weak market forecasts and by falling third markets. This led to immediate purchases at lower prices. As a result, the ICE cotton No. 2 futures lost ground and fell below the 70 ct/lb mark in the reporting period.
Even though the lower prices stimulated the spinning industries’ demand, as they were interested in a more beneficial margin, the demand stayed behind expectations. Due to a continuously restraint consumer behaviour in the textile market, the spinning industries’ purchases weren’t often directly matched by demand for yarn.
The period of summer vacation is slowly coming to an end in Europe. However, the European market remained relatively quiet.