Home / Knowledge / News / Textiles / Low cotton trading
Low cotton trading
24
Jan '08
One word can summarize what happened to cotton prices today....stocks! We remained on this equity meltdown which had most commodities on the defensive overnight as Europe still showed extensive weakness and the uncertainty in the U.S. economy was weighing on stocks for the seventh straight session.

However, there were rumors late in the day that the European Central Bank may be forced to follow the U.S. in lowering interest rates in order to avoid a global recession. We managed to test the lows set on the open yesterday and held those as there was enough rebound in the beat up financial sector to support the market short term.

The volume was above average as we locked down the limit and electronic trading was suspended until tomorrow's session begins after midnight. Future volume broke 50,000 and option activity was over 25,000 contracts.

The lower prices today did trigger some export sales, but the report will be delayed until Friday and it will not reflect any of this new nearby business. We are not expecting a big bounce tomorrow as we may even find more weakness after some negative technical damage was done today as we further enforced the island reversal created from the last several sessions.

The all important wheat, corn and soybeans also closed down the limit as cotton actually traded 20 points lower synthetically. There will be a lot of attention paid to the foreign markets and their reaction to the turn around in the U.S. whichwill have a big impact on the commodity prices nearby .


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Urs Stalder
Sanitized AG

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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