Home / Knowledge / News / Textiles / Cotton prices drop on Sept 4
Cotton prices drop on Sept 4
05
Sep '08
We continue to trade in a narrow intraday range on light volume. Cotton prices opened higher and tested the 70 cent level early, but failed and after weak grain prices combined with a strong dollar, cotton fell all the way down to 68 cents before finding support.

Volume was slightly above average with 12,000 futures and 6,000 options, but the trend remains negative as the technicals started turning south in cotton and grains.

The stock markets in the U.S. took a 3% beating today after more negative news came out in retail and employment as the recession fears increase. There are still storms hanging out in the Atlantic, but most are on course to not cause much damage and we are not getting any extremely negative news out of the major growing areas.

The U.S. dollar hit a new 2008 high against the Euro and this is the main driver in weak commodity prices, but if the equity markets continue to fail, we may see new money pouring back into the oversold commodity complex.

Technicals are starting to turn negative and in a few more days with sideways to lower movement, we could cross downward on the MACD. We have been testing the upside steadily for the last 2 weeks, but have been unable to break the heavy resistance above 72 cents since we broke lower starting back on August 4th.

Considering the low open interest in cotton and the lack of demand, cotton feels like we may continue in a sideways trading range and may test the downside down the road at 66.79. This will depend on outside markets, 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

Chinese firm sets up garment production chain in Vietnam

Apparel/Garments | On 13th Dec 2017

Chinese firm sets up garment production chain in Vietnam

Worldon Vietnam Co. Ltd under the Chinese Shenzhou Group is likely to ...

Courtesy: SATO Global Solutions

Information Technology | On 13th Dec 2017

Sensor networks improve inventory management

Sensor networks like radio frequency identification (RFID) and smart...

Courtesy: ABARES

Textiles | On 13th Dec 2017

Australian cotton production to grow 4% in 2017-18: ABARES

Cotton production in Australia is forecast to rise by 4 per cent to...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Vikas Banduke

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

Erik Sy

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

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Larry L Kinn
Suominen Corporation

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

December 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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