Home / Knowledge / News / Textiles / Cotton futures open slightly lower
Cotton futures open slightly lower
01
Jul '08
Monday cotton futures opened slightly lower, but was soon taken on a wild ride upon the USDA acreage report's release at 8:30am NY time. Cotton plantings for 08/09 season are estimated at 9.25 million acres, down from the March estimate of 9.39 million acres.

The report was considered bearish since an average estimate of 9.00 million acres has been factored into the market. Weakness immediately kicked in after release of the report and an intra day low at 81.80 was established basis Z'08. Supported by a trader buying 2,000 contracts December 85/95 strike call spreads for 220 points, Z'08 futures was trading at 160 points lower.

Today marked the last trading day of the second quarter of the year and not much excitement came out of the market. Cotton volume is mediocre at 15,500 contracts in futures and 10,600 contracts in options. West Texas received more rain over the weekend. Most of the hail damage is kept to the west of Lubbock. However, there are still plenty of uncertainties in this market which might take the prices to move either direction.

Technically, we had the biggest pull back during recent sessions driven by the bearish USDA acreage report. December contract made a try to break through the 78.50 level and settled right at the 50 day average price. Cotton futures is finding good resistance around 82 cents basis Z'08.

As there are plenty of uncertainties in the market, we will have to wait and see if it can break through the support level or we will eventually hold here and go higher. Fundamental wise, we will not have another big news until the supply and demand report to be released next Friday. Meanwhile, cotton is likely to continue following the outside markets.

Click here to view more:

ECOM USA Inc


Must ReadView All

Bangladesh panel to revise minimum wage for garment workers

Apparel/Garments | On 16th Jan 2018

Bangladesh panel to revise minimum wage for garment workers

The Bangladesh labour and employment ministry recently formed a panel ...

Bruckner to supply dry finishing lines for textile project

Textiles | On 16th Jan 2018

Bruckner to supply dry finishing lines for textile project

Bruckner, a producer of high-tech lines for the dry finishing of...

Courtesy: Carrefour

Apparel/Garments | On 16th Jan 2018

Carrefour signs strategic agreement with Showroomprive

Carrefour, the second largest retail chain in the world, has...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Anshul Sood
Oceedee

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

Urmil Arya

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

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

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

Johan Berlin
InvestKonsult Sweden AB

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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
68.8%
No
13.5%
Skip
17.7%

Total Votes: 96

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
63.5%
No
29.2%
Skip
7.3%

Total Votes: 96

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
87.5%
No
9.4%
Skip
3.1%

Total Votes: 96

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
82.3%
No
8.3%
Skip
9.4%

Total Votes: 96


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