Home / Knowledge / News / Textiles / Good chance for Northern hem crop
Good chance for Northern hem crop
07
Aug '08
After three very strong trading days with wide ranges and good volume, we slipped back into a quiet day and may be setting up for a new sideways trading range. There seems to be good support scale down under 69 and this will continue to be tested.

However, there is also good scale up selling above 70 cents so the range will be very tight in the short term. Business has slowed down a little as we have seen open interest come down heavily the last two days. Volume was under 10,000 in futures and options today as there looks to be mostly hedge lifting taking place and not any new shorts like we suspected.

The USD made a 6 month high today, but there seems to be plenty more bad news coming out of the financial sector which should keep the stock market in check and may allow the commodity hedge funds to stop liquidating and even possibly put some money back in after 20% sell offs in several sectors.

Technicals continue to look negative in the short term, but after the limit up bounce yesterday, it is obvious that the fundamental picture is looking better and good size demand was uncovered at these price levels. Along with a hot dry August left to grow the Northern hem crop, there is a good chance the market will continue to find support under 69 cents.

If that is the case and we can hold that area on a few more tests, we should try and climb back and test the upper end of the range at 72 cents scale up. However, if the commodity complex continues to slide lower, Z'08 will have trouble sustaining rallies and should move lower into expiration.

Click here to view more:

ECOM USA Inc

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Mohammad Hassan
Biax Fiberfilm

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

Eamonn Tighe
Nature Works LLC

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search