Home / Knowledge / News / Textiles / Cotton trading in comfortable short term sideways range
Cotton trading in comfortable short term sideways range
18
Jul '08
The sell off in commodities continues Thursday. Grains saw weakness overnight amid bearish influences. The weather news Wednesday favorable to soybean prices didn't sustain, and the mediocre weekly sales report as well as the anticipated decreasing short term demand drove market sharply lower.

Crude oil settled at $129.29 per barrel, which marked $16 or 11% price drop in 3 days. Influenced by the overall commodity complex, the big drop in cotton came just before noon to touch beneath the 72 cents mark. As grains remained at their lows, cotton recouped part of the loss in the afternoon session to settle at only 72 points lower.

Today's US export report was up to anticipation but seemed to have little impact on the market movement upon its release in the morning. New sales were well improved from the week before as sales were booked when NYF was trading below 72 cents basis Z'08.

Total upland net sales were 56,800 running bales for the current marketing year and 282,700 bales for the 08/09 marketing year. Shipments were lower than last week at 258,600 bales. China was the largest destination with 110,800 bales leaving for the week.

Seasonal total shipments are now close to 12.30 million bales upland and pima combined. With 3 more weeks to go, it looks like we'll fall short of the USDA target of 13.90 million bales by end of this marketing year.

The commodity index started its rally since beginning of June and topped out a month later. This week's loss in the overall commodity market has brought the index down to around the support level established in March. Cotton, at the moment and after having lost nearly 10 cents since end of June, seems to have found a comfortable short term sideways trading range.

The 2,500 contracts of December contract 95 strike call buying from yesterday turned out to be liquidation of the existing positions. December contract tested yet again the trend line resistance level of 74.20 today but failed to go though. Around 72 cents to the down side also proves to have good support.

Click here to view more:

ECOM USA Inc


Must ReadView All

Textiles | On 19th Sep 2017

Karl Mayer expands service operations in Asia

Karl Mayer, a world leader in the production of warp knitting and...

Textiles | On 19th Sep 2017

Welspun bags Made in Green label by Oeko-Tex

Welspun, a leading home textiles manufacturer, has been awarded Made...

Courtesy: SGS

Textiles | On 19th Sep 2017

SGS expands testing facilities in Naucalpan, Mexico

SGS has expanded testing facilities in Naucalpan, Mexico, creating a...

Interviews View All

Rajiv Sirohi
Shara

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

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Eamonn Tighe
Nature Works LLC

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sanjukta Dutta
Sanjukta's Studio

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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