Home / Knowledge / News / Textiles / Market sees further pull back
Market sees further pull back
05
Jan '08
Market saw further pull back and range bound trading Friday. Estimated volume was 22,000 contracts in futures and 13,000 contracts combined in options. ICE was called to open lower on slight loss in overnight grains market. All months quickly hit today's lows before pit open and slid slowly back up during the day. Late session buying activities pushed the settlement close to unchanged.

This morning's US export report was exceptionally weak but expected as the dull holiday season has led to an inactive market. New sales were sharply declined from the week before with 68,400 running bales upland and pima combined. The major buyer was China with 26,300 bales. Shipments dropped to 190,250 running bales combined with 25,200 bales leaving for China and 15,200 bales leaving for Turkey.

According to one analyst, the world freight index BDI, which measures the worldwide exports of dry goods such as agricultural products and coal etc., has tumbled 20% from last fall. This week's grains sales were also poor. This index might be a key indicator of the health of the overall world economy and makes us wonder when the demand will start to pick up.

Technically, we continue to trade in the range set by Wednesday's session in correction of the overbought market. Resistance at 69 cents on March contract is holding firm. Market has been dull during the holiday season, and this morning's export report, anticipated but worse than that, shows dramatic drop from the weekearlier.

As no fundamental news is around to trade on and as long as outside commodities markets continue to be strong, cotton might feel the pressure to follow. However, scale up trade selling interest will pose a lid on the market short term. We expect to see market trading range bound for the upcoming sessions in search for direction.

Click here to view more:

ECOM USA Inc

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Stefano Gallucci (left), CEO, Santex Rimar Group, and Tamer Hasbay, President, Has Group; Courtesy: Santex Rimar

Textiles | On 24th Jan 2017

Santex Rimar to market all Has products globally

Italy based Santex Rimar Group has signed an agreement with Turkey...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search