Home / Knowledge / News / Textiles / Market continues to be choppy & volatile
Market continues to be choppy & volatile
17
Jul '08
Market continues to be choppy and volatile Wednesday. Overnight session brought lower prices amid thin volume along with weakness in grains. Early bullish options supported the market all the way up to touch 74.20 basis Z'08, the trend line resistance. Crude oil extended yesterday's sell off and tumbled $5 after release of the weekly inventory report.

Cotton traded more in line with outside commodities and also tumbled to today's low at 72.56. It appears that strength from grains finally influenced cotton and more friendly options came later in the session when a group bought 5,000 lots December contract 95 strike calls for 110 points. Z'08 eventually settled nicely at 12 points higher, or 73.83. Tomorrow's export report should give us decent numbers as business was seen done under 72 cents on NYF.

Today's big surprise yet again came from crude oil. Following yesterday's big sell off which was triggered by the negative feeling towards the overall economic situation and the so called definitely possible new legislation regulating energy market speculation, the inventory report came out today at 10:35 in the morning.

The report unexpectedly raised the U.S. inventory by 3 million barrels last week, which prompted the drop in crude price. Stocks market got its breather from this oil price drop and turned higher. More talks were going on in Washington today and apparently the current top priority will be to stabilize the nation's financial system.

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 we have been trading sideways looking for a short term bottom.

The near term trading low of around 71 cents has encouraged some buying interest from the funds and charted two positive candle sticks on the technical picture. We could again test the trend line resistance at 74.20 tomorrow, and the anticipated good export report could provide some support as well.

Click here to view more details:

ECOMUSA Inc


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Top executives
Textile industry

The foremost issue is bridging the skill gap

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

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

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

December 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
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

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
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

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
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

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
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


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