Home / Knowledge / News / Textiles / Export sales should be respectable tomorrow
Export sales should be respectable tomorrow
20
Aug '08
Another dull day as the cotton market is settling back into a trading range with good support at 67.00 cents. Volume remains low under 10,000 futures as the market found good resistance at 68.00 cents and looks like it may be setting up for some more sideways trading.

Open interest is at 6 month lows and the cotton market cannot get motivated to move up or down at the moment. Grains had a nice early morning bounce on what looked like follow through from the limit up move on Monday, but it quickly failed and closed lower on the day.

Export sales tomorrow should be respectable but under the 400k from last week. Shipments also remain on the low side just above 200k and this is not very bullish. Demand has slowed down at the moment and there is good news coming out about the crop.

The USD is starting to show some overbought signals as the CRB tries to make up some of the ground that was lost over the last 8 weeks. Energy, metals and grains are trying to put in a bottom at these levels, but cotton looks like it has divorced itself somewhat from the outside markets and should remain under pressure in the short term.

Technicals continue to look negative as specs seem to have a lack of interest in cotton. Grains were strong early today and metals and energy were positive as the commodity index tries to put in a bottom.

We could get a few more bounces on the 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.

Considering the index funds started reducing their positions and the noncommercials have been coming down steadily over the last several months, the trend remains bearish for now.

Click here to view more:

ECOM USA Inc

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

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

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Lynda Kelly
Suominen Corporation

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

Steve Cole
Xerium Technologies

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prathyusha Garimella
Prathyusha Garimella

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Robert Brunner
Devereux

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

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:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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