Tridge summary
The article reports a significant decline in stock markets, with cotton being heavily impacted, experiencing a more severe sell-off due to weak demand in the physical market. The fall became more pronounced after losing 80 cents per pound. The industry is expressing frustration due to the market downturn. Despite subdued demand, it remains active, with Pakistan being the only buyer of new harvests, leading to a squeeze in the premium over stock prices, which is now below 10 cents over Dec '22 prices. The dollar's strength has not been enough to offset the stock market's rout.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The majority of stock markets recorded losses and cotton did not have the strength to escape the massive sell-off. Of course, it should be noted that its fall was even more intense compared to other commodities, due to the anemic demand in the physical market. Especially once 80 cents per pound was lost, the market took a dive to its lows. Of course there is frustration in the industry, due to the extensive fall in the stock market. Demand remains subdued, but not dead. The Pakistani market absorbed new quantities of Greek harvest, however, being the only buyer (Turkey and Egypt are inactive), each time the price ...
Source: GRAgronews
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