Home / Knowledge / News / Textiles / Market continues to see rising signs of inflation
Market continues to see rising signs of inflation
01
Mar '08
The last trading day of the month and the fireworks continued as we closed at new record highs in K'08 and set the highest monthly closing level in almost 10 years! Technically, this week alone has blasted through years of resistance levels and closed the week based K'08 over 600 pts higher.

If you just try to focus on a top for the front month you have to look near the mid 80's which would test the high set back in 2003 at 85.00 and also in 1998.

If this upside resistance line is broken, then we are certainly going to have to look at the 1995 high of 117 as this bull commodity train keeps rolling with little signs if coming to a stop. Volume was strong again today with over 50,000 futures and 57,000 options as we witnessed the end of an era in open outcry trading.

It is ironic that the same month that open outcry cotton trading came to a close today on a leap year (Feb 29th), we leaped almost 14 cents from the lows only 2 weeks ago.

This confirms that cotton has officially divorced itself from the traditional outcry fundamentals and we have finally entered the electronic hedge fund driven era where investment reaches such high levels that it outweighs the lack of demand.

Open interest should top 300,000 contracts on Monday which is 3 times higher than the 20 year average! We have not seen volatility at these levels, near 30%, since 9/11/01 and almost every commodity is trading at multi-year highs.

After failing to lockup the limit on two attempts, we still had a strong close as we continue to see good fund and trade buying on pull backs.


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

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

Suresh Patel
Sidwin Fabric

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

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

Pranav Mishra
Huemn

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

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

July 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

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X