Home / Knowledge / News / Textiles / ICE cotton futures down 400 points this week
ICE cotton futures down 400 points this week
12
Oct '13
ICE cotton opened sharply lower Sunday night and closed at 83.37 basis Z3, down almost 400 pts for the week. Given the lack of an obvious trigger for Sunday’s drama, traders searched for explanations, from disappointment over a tropical storm (Karen) to slower reserve purchases in China to 100-150k bales of looming cert stocks.

Given the lack of government reporting – which in normal times levels the playing field for specs, as merchants can rely on sources on the ground – the rise in awaiting stocks may have spooked the specs. Puzzling traders though was the only modest decrease in Open Interest and unfortunately as the CFTC Commitment of Traders report misses its second release in a row, little light will be shed until the shutdown ends.

Physical demand has been stoked below 84 cents, helped by the preponderance of import quota in China and mills’ need for prompt delivery. Look for Chinese reserve purchases to gather pace in coming weeks, amidst the release of additional import quota.

At week’s end there is renewed optimism that hitting the debt limit will be avoided, albeit via only a temporary extension. It remains uncertain whether the government will reopen in the meantime, but stocks on Thursday posted strong gains, the VIX fell, and bond yields settled down. There has been talk of shifting the debate from Obamacare to a “grand bargain” on government spending and taxes, which would be welcome were it not occurring against the backdrop of financial Armageddon.

Preliminary non-government employment indicators have started to demonstrate fresh weakness. Janet Yellen was officially nominated to succeed Bernanke as Fed Chairman; if the debt ceiling were unthinkably breached, it would be up to the Fed to save the day in the bond market.

Ecom USA


Must ReadView All

India mulls new schemes for jobs, textile clusters

Apparel/Garments | On 25th Apr 2018

India mulls new schemes for jobs, textile clusters

India is mulling over alternative schemes for jobs and manufacturing...

Kraig gets approval for Vietnamese subsidiary firm

Textiles | On 25th Apr 2018

Kraig gets approval for Vietnamese subsidiary firm

Kraig Biocraft Laboratories, Inc., the leading developer of spider...

Courtesy: ITMA Asia

Textiles | On 25th Apr 2018

ITMA Asia + CITME 2018 attract global textile companies

The sixth edition of ITMA ASIA + CITME 2018 has received strong...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search