Home / Knowledge / News / Textiles / New York cotton futures market rebounds
New York cotton futures market rebounds
26
Jul '08
Friday ICE opened slightly higher overnight and traded within a tight 20 point range with extremely light volume pre options open. It seemed difficult for December contract to break though the 74 cent level in early morning trading, but it made another run to the upside and created the intra day high at 74.58.

As the technical picture slightly improved over the week, the short side of the trade is getting a bit nervous and the weather news unfavorable to the crop progress in South Texas and India is also in the center of the market attention. We traded back and forth around the unchanged level, but took off before options close and posted 74.80 as today's official high.

As summer lull drags along, trading has not got much more exciting this week. As of end of yesterday, we slightly gained 62 points on December contract during the course of the week, and total open interest dropped 631 contracts. The general commodity index continued its hefty sell off while crude oil is managing to stay above the $122 support level. Cotton has outperformed the market in comparison to other commodities.

However, the trading volume has been unimpressive, which failed to create momentum to push market out of the near term sideways trading range. Weather wise, Dolly brought heavy winds and rainfall to the valley area, but South Texas around Corpus Christi has not received much of the rain. India received good amount of precipitation, which is forecasted to last over the weekend. Good rain into mid August will be beneficial in helping crops do most of the catching up.

NYF cotton recovered its earlier loss and ended the week with three positive trading days. The higher lows and higher highs, as well as the strong finish at end of each session slightly improved the near term technical outlook. However, it's still lacking good trading volume to back it up. It feels like the market is trying to test out a short term bottom and create a break out indicator of the sideways trading range.

MACD has crossed and RSI is closing on the neutral 50%. Range bound trading is still likely to last into the near future, and we'll have to keep our patience in search for a breakout signal.

Click here to view more:

ECOM USA Inc


Must ReadView All

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Varinder Singh Jawanda
Trendy Bharat

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

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing 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

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

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X