Home / Knowledge / News / Textiles / Cotton sales more than double
Cotton sales more than double
23
Feb '08
This morning's US export report was better than expected. New sales were 546,000 running bales upland and pima combined, more than double, than the week before. A sizable 277,000 bales were sold to China. Shipments were slightly lower than the week before with 225,200 running bales combined.

The impressive sales number supported the strong market movement on the last day prior to March contract first notice day on Monday. Overnight ICE market opened up strong with March contract trading limit up and December contract setting today's high. All months traded lower after pit open on lower grains price movement.

As holders of short contracts tried to get out of their positions before the first notice day, March contract traded up the limit again. The overall higher commodities market also provided support. The March May spreads narrowed to around 50 points. Friday session closed with slight gain of around 60 points on back months.

The other highlight in the market is the Agricultural Outlook Forum hosted by USDA in Virginia. It came out of the meeting that U.S. new crop ending stocks are forecasted at 3.7 million stat bales.

World production number was adjusted higher due to increases in China, India and possible recovery in Pakistan. USDA projects that cotton imports into China will increase by 12% in 2008-2009, which is a main factor driving global cotton trade in the new crop year.

Technically, we have broken the sideways trading pattern this week. March traded up limit at 76.23 during today's session. The last time market saw spot month trading above 76 cents was in 2004. December contract has since made a 450 point run up.

Please see chart on page 2 in attached PDF. We carried an open interest of over 10,500 March contracts into today, and heard that NY is processing big volumes in preparation of the delivery notices. General market mood is bullish on technicals and outside commodities market. Though market is expecting a nearby correction, but do not expect it to pull back enough to fill the gap.

Click here to view more:

ECOM USA Inc


Must ReadView All

Market share of Indian textile items expand in 13 nations

Textiles | On 11th Dec 2017

Market share of Indian textile items expand in 13 nations

Thirteen countries — Germany, France, Italy, the United States,...

Courtesy: EUBrasil

Textiles | On 11th Dec 2017

Euratex, ABIT welcome negotiations for EU-Mercosur FTA

European Apparel and Textile Confederation (Euratex) and the...

Most firms expect no change in investment plans: CII survey

Textiles | On 11th Dec 2017

Most firms expect no change in investment plans: CII survey

Despite visible optimism in Indian industry with the Confederation of ...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Riddhi Jain

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

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

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

Silke Brand-Kirsch
Schlegel und Partner

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

December 2017

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
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

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
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

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
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

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
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


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