Home / Knowledge / News / Textiles / NY futures trade sideways
NY futures trade sideways
Feb '08
NY futures traded sideways this week, with March edging up 62 points to close at 68.41 cents, while December added 30 points to close at 76.70 cents.

The market remained confined to a relatively narrow 67 to 70 cents range, in which it has now traded for the last eleven sessions. On Wednesday the market made an attempt to reclaim the 70 cents level, inspired by strength in grains and soybeans, but it turned out to be nothing more than a 'sucker rally'.

With corn and soybeans weakening late in the day, cotton did not have enough of its own momentum to take out this important resistance level and it had to relinquish nearly all of its intra-day gains by the end of the session.

Interestingly, despite the market's lackluster performance we continue to see open interest rising, as it set a new record yesterday at 284'427 contracts. Open interest in the March contract, which is now in liquidation mode, amounted to just under 106'000 contracts this morning, which is less then the 110'000 contracts the December '07 contract had open exactly three months ago.

Back then, total open interest amounted to 250'000 contracts. In other words, while there are slightly fewer contracts open in the liquidating spot month, we have now over 34'000 contracts more in total open interest. Broken down by crop years we notice that open interest in current crop has dropped slightly over the last three months, from 221'000 to 210'000 contracts, while we have seen a huge jump in new crop, from 29'000 to 74'000 contracts.

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Karel Williams
Dow Microbial Control

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

Kerem Durdag
Biovation II LLC

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

Silke Brand-Kirsch
Schlegel und Partner

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

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


Browse Our Archives


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