Home / Knowledge / News / Textiles / Rally in cotton quite impressive
Rally in cotton quite impressive
05
Jan '08
NY futures continued to rally over the holiday period, as March gained 254 points to close at 68.71 cents, while December'08 advanced 266 points to close at 76.46 cents.

The New Year started with a bang for commodities, as a flood of new investment money poured into commodities and lifted the CRB index to an all-time high of 368.61 in the last two sessions, nearly 2% above its previous record. The rally was broad-based, with most commodities benefiting to some degree from this ongoing asset-allocation shift.

Yesterday's rally in cotton was quite impressive, not only because there was plenty of volume behind it at 36'000 futures and 24'000 options, but also because open interest jumped an astonishing 10'137 contracts to 24.2 mio bales.

This means that open interest is once again closing in on its record level of 25.1 mio bales set on November 8. By comparison, open interest a year ago amounted to 'just' 17.0 mio bales.

Speculative buying has clearly been the driving force behind this four-week rally from 63.00 to 69.00 cents and in the process outright spec longs have increased their holdings by about 2.0 mio bales to 12.0 mio bales as of last Friday, while spec shorts have covered around 1.3 mio bales over the last three weeks and are now just around 6.1 mio bales short.

The resulting 5.9 mio bales spec net long position amounted to 25.5 percent of open interest and leaves a lot of room to grow if we go by historical standards.


Must ReadView All

Uzbekistan wants joint ventures with Hungarian textile firms

Textiles | On 20th Feb 2018

Uzbekistan wants joint ventures with Hungarian textile firms

Uzbekistan has offered Hungary to create joint ventures in the two...

Vietnam’s textile & garment exports up 10.68% in 2017

Textiles | On 20th Feb 2018

Vietnam’s textile & garment exports up 10.68% in 2017

Vietnam came very close to achieving its 2017 textile and garment...

Maharashtra’s new textile policy to privatise cooperatives

Textiles | On 20th Feb 2018

Maharashtra’s new textile policy to privatise cooperatives

The state government in India’s western state of Maharashtra, under...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, 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

February 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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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