Home / Knowledge / News / Textiles / Cotton market touches new highs
Cotton market touches new highs
27
Feb '08
Wheat locked up the limit again overnight and fed a mini rally in the other grains and cotton as we made new highs, but came off on the open outcry start this morning. Beans, corn and wheat almost got back to unchanged, while cotton found support at 150 pts lower.

However, the fund and spec buying was ready to catch the drop and pushed everything back up to test the highs as we traded in a volatile 300 point range. Volume was strong again today with 51,000 futures and 41,000 options as the K'08 set a new record high close.

There are rumors that sales later this week will be strong again as China was an aggressive buyer on the break after Chinese New Year. We have now reached levels that make new sales very difficult and offers are now based on K'08 which is over 10 cents higher than the last business that was done.

We are reaching overbought signals from record high volatility, open interest, spec-long position, cert stocks, unredeemed loan cotton and a relative strength index in the mid 70's. However, wheat managed to close up the limit again and the dollar index fell to record lows which should keep the upside momentum in place for now.

Technically, we have broken all upside resistance targets and are feeding off bullish commodity sentiment. May set new record highs as we are now reaching a relative strength index at 76 and into overbought territory. The market is trading at 4 year highs and finding very few sellers scale up.

May has now rallied 10 cents from the low set only 2 weeks ago. General market mood is bullish on technicals and outside commodities market. We will have to see a pull back in the grains before cotton will have a chance to correct. Demand will certainly slow down in the short term, but fundamentals are no longer in charge.

Click here to view more:

ECOM USA Inc


Must ReadView All

Courtesy: Pexels

Textiles | On 27th Apr 2018

AWEX EMI sets new all-time record; touches 1847ac per kg

In the week ending April 27, 2018, the Eastern Market Indicator (EMI) ...

Indian exporters lobby FIEO urges lifting of ban on LoUs

Textiles | On 27th Apr 2018

Indian exporters lobby FIEO urges lifting of ban on LoUs

India’s exporters lobby Federation of Indian Export Organisations...

US GSP extension restored on 22 Apr, refunds not automatic

Apparel/Garments | On 27th Apr 2018

US GSP extension restored on 22 Apr, refunds not automatic

The US generalized system of preferences (GSP) programme was restored ...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

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

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Urmil Arya

Sushila International, a well established textile organisation established ...

Harsh Shah

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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