Home / Knowledge / News / Textiles / Another volatile day in commodities
Another volatile day in commodities
30
Aug '08
Another volatile day in commodities as the market prepares for a long weekend and uncertainty about Tropical Storm Gustav set to land next week. The truth is, commodities as well as the stock market and dollar seem to have run out of steam as we trade in narrow sideways ranges.

The crop is not in bad shape and most crops are late which are in the path of the storm, so there does not appear to be any significant danger. Volume was a bit above average at 13,000 futures and 7,000 options, but open interest continues to look weak and the COT (page 2) shows slight reductions compared to last week.

Month end today was not very strong as we continue to get good scale up selling near 71 cents as the market tries to make a case to go higher. The range remains in place and oil has been struggling near 120 to go higher. Grains and metals look like they are stuck as well since most people were squaring up positions going into the long weekend.

There was some friendly option buying in certain bank stocks which shows that some investors are willing to go long selectively. The broader markets continue to look turbulent going forward as we head into September and the harvest of the northern Hemisphere crops.

Technicals turned friendly last week as MACD started to cross higher in cotton and soybeans made a nice run to the upside. Although volatile, the market is well traded in the range. We ran through some correction, but buying interest would come
through to prevent the market from falling off.

Considering the low open interest in cotton and the lack of demand, cotton feels like we may continue in a sideways trading range up to heavy resistance at 72.00. This will depend on how much the rebound in outside markets can follow through, but the short term upside looks limited and we may see a correction in cotton if we cannot break through 72.00 cents.

Click here to view more:

ECOM USA Inc


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

John Kelley

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

Steve Cole
Xerium Technologies

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

Johan Berlin
InvestKonsult Sweden AB

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

Giorgio Mantovani
Corman S.p.A

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

Bani Batra

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts 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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search