Home / Knowledge / News / Textiles / Cotton market keeps sliding lower
Cotton market keeps sliding lower
11
Sep '08
Cotton keeps sliding lower with very little upside support, but we are reaching oversold levels with RSI at 30%. Export sales should be good tomorrow and we may get some bullish support from the crop reports on Friday. The strong dollar broke through 80 and has made a very strong correction since the end of June.

Oil also broke some downside support at 102.00 and looks like it may make a test under 100 USD. Volume remains above average with 16,000 contracts and 18,000 options, but open interest stays unchanged.

The weak economic outlook is the main factor that we see hovering over the market and that does not seem to be changing anytime soon. We may see some return of investment in commodities at the beginning of October when the fourth quarter begins. Oil may be on track for sub-triple digit prices and that will continue to apply downward pressure on commodities.

We broke long term support levels at 65 and this lead to some spec selling with scale down trade buying. We are getting some good fundamental support, but the technicals have turned negative and this week, we are crossing lower on the MACD. Considering the low open interest in cotton and the holiday mood from Ramadan, cotton is in a tailspin and will need some good sales or spec support in order to rebound.

We continue to test the lows and it is hard to say where the bottom may be, but it feels like it is close. This will depend on outside markets, but a short term bottom may be in place near the 63 cent level?

Click here to view more:

ECOM USA Inc

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Larry L Kinn
Suominen Corporation

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

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

Tony Ward
Tony Ward

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

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
January 2017

January 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