Home / Knowledge / News / Textiles / Cotton sees quiet & lackluster trading session
Cotton sees quiet & lackluster trading session
26
Apr '08
Friday saw a quiet and lackluster trading session. Early NYF was generally holding firm supported by the overall commodities markets. Overnight ICE opened at around unchanged amid mixed actions in the grains market and the crude oil price.

It then steadily traded higher in expectation of strength coming from the grains re-open. Crude oil was yet again trading at $118 based on fundamental news, right after the temporary pull back earlier this week.

Cotton was trading at slight gain before seeing strength in the dollar and cool off in the grains. N'08 settled at 71.44 or 69 points lower by end of the session. Today's total May contract notices were posted at 78.

The commitment of traders supplementary report published by CFTC on Friday shows that as of Tuesday April 22nd, for futures and options combined positions, the commercials had increased their long positions by 800 contracts and reduced their short positions by 1,500.

The non commercials reduced their longs by 500 contracts and their shorts by 1,600 contracts, thus increased their net longs by 1,100. Index traders had liquated their net long positions by nearly 800 contracts. In the meantime, total open interest dropped around 6,000 contracts during the week.

The false breakout on April 16th, which tested the high of 82 cents basis N'08 was followed by profit taking sell off, thus negative technical pictures for the past sessions. N'08 has been range trading and tested the short term support level at 71.25, which was touched on March 20th.

The strong lead cotton receives from the outside commodities markets, or the CRB index, as well as the tight inverse relationship between cotton and dollar index are the rationales that have supported the recent market movement.

The cotton market feels like we could move sideways short term with more down side testing in the future. The next support lies in the mid 70 cent range.

Click here to view more:

ECOM USA Inc


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

NCC applauds House passage of farm legislation

Textiles | On 22nd Jun 2018

NCC applauds House passage of farm legislation

The National Cotton Council (NCC) of the US has welcomed the passage...

Courtesy: Roman Pohorecki from Pexels

Apparel/Garments | On 22nd Jun 2018

UK launches inquiry on sustainability of fashion industry

The Environmental Audit Committee of the UK Parliament has launched...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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


June 2018

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

news category


Related Categories:

Advanced Search