Home / Knowledge / News / Textiles / Cotton market moves higher
Cotton market moves higher
03
May '08
Cotton moved higher fueled by higher other commodities prices. The general pull back in commodities this week came to an end today after slightly higher prices overnight. We did see an attempt at the lows set on Thursday, but most every commodity closed in green today as the CRB worked back above 400.

We are seeing good scale down demand under 70 cents in N'08 as well as large volumes of on-call sales left to hedge keeping N'08 well supported. Open interest rose slightly to 250K overnight but volume was light with only 13,000 futures and 13,000 options.

We should have a good sales report next week and we will also have the USDA S&D report next Friday to digest as well. The market in general is feeling like a short term bottom is in place. Cert stocks continue to rise but good business is being done and the spreads are starting to narrow which is showing a firm spot month.

The stock market and dollar enjoyed a nice week, but the trend from the weak economy does not feel like it is over yet. We may still have some volatility going forward which should allow commodities to rally and the dollar to find resistance. The short term for cotton feels friendly and we will have to see if the technicals can start to turn positive next week.

We are in a negative seasonal pattern as we approach the large Northern Hemisphere planting period. Technically, we broke the strong support line at 70 cents in N'08 this week.

The next strong line of support can be found at 66.13 but it may avoid testing until closer to FND in June. The cotton market feels like we are putting in a short term bottom, but the Commitment of traders report showed the non-commercials continue to reduce their longs.

Oil prices rebounded today all the way to 115.00 even though the dollar closed higher. Short term feels friendly as we may try and test the 72.50 level and the 9-day moving average next week if grains stay firm.

Click here to view more:

ECOM USA Inc

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

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

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

C Kamatchisundaram
Voltas

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

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silvia Venturini Fendi
Fendi s.r.l

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

Jay Ramrakhiani
Occasions Elegance Wear

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X