Home / Knowledge / News / Textiles / Oil prices continue to rise
Oil prices continue to rise
25
Jun '08
U.S. dollar falls and oil prices continue to rise which fuels a bounce in cotton today on a retest of the highs from last week. However, the market ran out of steam after grains failed to follow through higher.

The Fed report tomorrow is all but decided that there will be no change in rates, but there were some more negative reports on consumer confidence falling to 50% from 58% last month and 80% at the beginning of the year.

Volume was light again today with 10,000 futures and 7,000 options as we finish liquidating N'08. There were 1,471 notices issued yesterday as we seem to be changing hands from one merchant to another at similar levels that we did previously in K'08.

This does not equate to a bullish scenario since the spreads remain wider than full carry and the demand nearby is limited. U.S. cotton sales and exports on Thursday are not expected to be much higher than last week, but we may get a friendly acreage report on Monday when the USDA updates the number from March 31st which could have fallen from the original 9.38 million acres projected.

Technically, the market is looking toppy with several commodity sectors trading at contract highs. The MACD's are turning south recently in several of these sectors as we have been moving sideways and running into strong upside resistance.

Cotton will continue to follow the other commodities prices as the dollar and equity markets struggle, but our market is finding good resistance at these levels and will have to wait and see if it can break through or we eventually go lower.

At the moment, demand is dead, cert stocks are rising and we are seeing a slow down in the commodity index which could set us up for a pull back.

Click here to view more:

ECOM USA Inc

Must ReadView All

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Information Technology | On 21st Feb 2017

ThreadSol launches IntelloBuy & IntelloCut in Vietnam

ThreadSol, the pioneer of enterprise material management for sewn...

Textiles | On 21st Feb 2017

GST to reduce documentation for logistics firms: CBRE

The Goods and Services Tax (GST) is likely to result in a reduction...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Tony Ward
Tony Ward

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search