Home / Knowledge / News / Textiles / Cotton trades in a narrow range on Monday
Cotton trades in a narrow range on Monday
12
Aug '08
Cotton fell back into a narrow trading range on light volume. We spent most of the day near unchanged after setting the high early in the session @ 69.50 close to when oil set its high based on fear of the war in Georgia. However, this bad news could not keep the newly resurrected U.S. dollar from climbing higher again today at the expense of the Euro.

There seems to be a change in international sentiment which is bearish for commodities as most people tried to square up positions going into tomorrows USDA report. Futures volume was under 10,000 contracts and options were just over 10,000 as open interest continues to be on the defensive.

We see the specs (page 2 in attached PDF) decreased their long position from .9% last week to a negative 1.6%. We made a run at the recent lows today, but found support at 68.54 based on a late afternoon rebound in oil.

The USD however closed at the highs and we are expecting a bearish USDA report tomorrow as the crop could have grown slightly and consumption starts to reflect realistic levels. We had some decerts on Thursday and Friday of a total 70,000 bales which was friendly, but the specs continue to add to the short side which keeps the market in a sell rally mode.

Technicals continue to look negative as we broke the support of the intraday trading range on Monday at 69 cents. Baring any surprises on the USDA report tomorrow, we expect to retest the lows at 68.20 and possibly lower. Grains bounced back a little bit today.

We could get a few bounces on some over sold technicals down the road, but based on the performance of the dollar recently, this correction in commodities feels like it may have started a long term move downward. Cotton did not go up as much as other commodities so we expect the downside in cotton at 65 cents in the short term.

Click here to view more:

ECOM USA Inc


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Urmil Arya

Sushila International, a well established textile organisation established ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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