Home / Knowledge / News / Textiles / Cotton market struggles to find direction
Cotton market struggles to find direction
08
May '08
Cotton has been trading sideways the last several sessions as the market is struggling to find direction. The grains are also bouncing back and forth in a narrow range and giving little direction to cotton at the moment. Export sales are coming out tomorrow and we are not expecting them to reach last week's record levels.

Good rain in West Texas has softened the market response to the good sales nearby as well as the lack of strength in grains. However, with oil prices hitting new record highs everyday, the trend is still alive for spec money to stay invested in commodities instead of jumping back 100% into stocks.

The USDA S&D report may help break this market out of the current trading pattern as we have been unable to break the trading range set a week ago on April 30th and continue to see little change in open interest.

Inquiries are slowing down as mills seem to be comfortable with the amount of cotton they have committed and we are still trying to get a handle on global consumption with several reports describing a very bearish textile mill picture. Economic growth is under pressure and the mills are struggling with the lack of demand.

NYF cotton prices are overall holding up well considering the bearish fundamentals. More rain has been seen in West Texas, which is a friendly news for the planting season.

Technically, we broke the strong support line at 70 cents in N'08 last week, but have closed above this level two days in a row. The cotton market feels like we are trying to put in a short term low near 69 cents as we have had four continuous inside trading days.

However, the 69 cent level has proved to be a strong support yet again. We are likely to trade sideways and in sync with outside commodities for the nearby trading sessions.

Click here to view more:

ECOM USA Inc


Must ReadView All

US announces final CVD on fine denier PSF from China, India

Textiles | On 19th Jan 2018

US announces final CVD on fine denier PSF from China, India

The US secretary of commerce Wilbur Ross recently announced the...

EU consumers to gain from cheaper, safer, better e-payments

Apparel/Garments | On 19th Jan 2018

EU consumers to gain from cheaper, safer, better e-payments

European consumers can now reap the full benefits of paying online...

Telangana minister pitches for investments in S Korea

Textiles | On 19th Jan 2018

Telangana minister pitches for investments in S Korea

Industries and information technology minister of India’s Telangana...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Urmil Arya

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

Harmeet Singh

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

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Akta Adani
India Boulevard

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

January 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
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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
8.2%
Skip
9.3%

Total Votes: 97


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