Home / Knowledge / News / Textiles / Market continues to move sideways
Market continues to move sideways
16
Feb '08
Grains and cotton were up overnight on follow through buying after yesterdays limit up performance in the H'08 contract. However, the rally ran into heavy scale up trade selling near the highs between 72 K'08 and 78 cents based Z'08. This lead to some profit taking and possibly some squaring up of positions heading into the long weekend.

Buying dried up soon after the opening as grains lead the way lower and the spreads started to widen back out. There was a significant decert of 60,000 bales overnight which would indicate that some new sales had been made recently. Volume was strong again today with 86,000 futures and 20,000 options as we continue to roll out of the H'08 with only 4 trading days left after our President day holiday on Monday.

Open interest overall rose almost 6,000 contracts yesterday back over 275k total contracts, but H'08 fell almost 10,000 contracts to leave just over 50,000 contracts open as of this morning. After seeing the spreads widen back out, we expect we should be close to 40,000 contracts left to liquidate when we reopen on Tuesday. New sales are very quiet with the market at these levels as we will start to focus on K'08 for future business starting next week.

However, with the K'08 currently above 70 cents, this will make new sales less likely until we see a pull back. Technically, we filled the gap today above 70 cents, but continue to have trouble closing above this level of resistance. Grains were mixed to loweras well as most of the commodities while the equity markets continue to slide lower as investors are seeking for further rate cuts to stimulate the economy.

Must ReadView All

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

View of YiwuTex 2016; Courtesy: YiwuTex

Textiles | On 28th Feb 2017

Smart knitting system to grace 18th YiwuTex 2017

The thematic functional knitting machinery zone at the 18th YiwuTex...

Textiles | On 28th Feb 2017

Over 100 exhibitors expected to participate in IATF

Over a 100 exhibitors are expected to showcase their products at the...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Kerem Durdag
Biovation II LLC

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Prathyusha Garimella
Prathyusha Garimella

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing 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 2017

February 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