Home / Knowledge / News / Textiles / NY cotton market trade lower
NY cotton market trade lower
15
Jul '08
NY cotton futures traded lower Monday session in thin volume. Overnight ICE opened around unchanged to a little lower amid weakness in the overall commodity index and lack of fresh news in the market. Trading was choppy which created an intra-day low of 72.31 pre options open and traded around high of the day prior to Chicago market open.

Further weakness kicked in when the equity market saw losses after a friendly open and crude oil was trading in the negative area as well. Cotton continued trading at the lower range but saw good support around 72 cents basis Z'08. December contract settled at 72.03 with total estimated volume of 7,700 contracts in futures and 6,900 in options combined.

The overall feeling is still very negative in the market as concerns of the U.S. as well as the world economy keep rising. The news of steps taken to aid the U.S. mortgage giants Fannie Mae and Freddie Mac could mean that other credit crunch victims will not be helped.

With the housing crisis far from over, we are worried how much more bad news will surface to the market. The dollar and the stock markets are continuing on their down path, but are trying to look for a bottom as there are more and more congressional testimonies expressing concerns over the weak dollar and record high other commodities prices.

At the moment, cotton seems to be forming a long term trading range between 70/80 cents. We find good demand scale down when the front month breaks 70 cents, but there is good trade scale up selling above 80 cents where certing cotton becomes more attractive. Cotton has lost nearly 10 cents since end of June and both moving averages are pointing downwards. Today's candle stick is suggesting another weaker session tomorrow.

However, it appears that we are currently in the oversold area with RSI at 35%. The thin volume reflected that traders are taking a more cautious market approach waiting for more news to lead the market direction.

Click here to view more:

ECOM USA Inc


Must ReadView All

Apparel/Garments | On 28th Jul 2017

DuPont launches new stretchable electronic inks, films

DuPont Advanced Materials has announced availability of its newest...

Textiles | On 28th Jul 2017

Clariant, Huntsman present update on planned merger

Clariant and Huntsman Corporation have presented a first update on...

Apparel/Garments | On 28th Jul 2017

Columbia Sportswear posts Q2 2017 net sales of $398.9 mn

Columbia Sportswear Company has recorded net sales of $398.9 million...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Rajiv Sirohi
Shara

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

Eamonn Tighe
Nature Works LLC

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

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

Igor Chapurin
Chapurin

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

Madhu Jain
Madhu Jain

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

July 2017

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
61.1%
No
22.2%
Skip
16.7%

Total Votes: 18

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
33.3%
No
44.4%
Skip
22.2%

Total Votes: 18

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
83.3%
No
5.6%
Skip
11.1%

Total Votes: 18

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
50.0%
No
11.1%
Skip
38.9%

Total Votes: 18


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



X