The ICE cotton market has witnessed a slight uptick driven by technical buying, signaling a tentative recovery amidst ongoing uncertainty regarding demand dynamics. Traders remain vigilant, eagerly awaiting key reports and updates to gain clearer insights into both demand and supply factors shaping the market landscape.
ICE cotton prices experienced a noteworthy turnaround on Friday, marking a significant departure from the prolonged downward trend witnessed in recent times. The resurgence in prices was fueled by a short-covering rally, buoyed by a weaker US dollar and renewed buyer interest.
SMCP, a renowned French luxury fashion group housing brands like Sandro and Maje, has announced a 5 percent decrease in organic sales for the first quarter of fiscal 2024 (Q1 FY24), amounting to €287 million (approximately $307.2 million). This dip is primarily attributed to challenging year-on-year comparisons. Despite the overall decline, SMCP highlighted strong performances in the American market and resilience across European regions, excluding France. However, subdued consumer spending in China contributed to the overall downturn.
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