Home / Knowledge / News / Textiles / Cotton market bounces back
Cotton market bounces back
02
Oct '08
NY cotton recovered from the previous two consecutive contract lows and saw a bounce Wednesday session in the oversold area. The open interest in cotton was reduced by 5,300 contracts yesterday and is now under 200,000 contracts for the first time since end August last year.

Overnight ICE opened at 76 points higher and managed to hold at that level. The market is cautious in making any major movements today before the senate's vote on the financial rescue plan. The trading range in cotton is a little over 100 points and the options pit remained active despite the Jewish holiday.

General commodities market was still showing a loss. Cotton eventually settled at a strong 109 points higher on December contract with average trading volume.

Financial markets are anxiously awaiting on the senate's vote of the bailout plan tonight. The sharp drop in equities Monday created a perfect opportunity for some investors who were ready to pick up good deals. Tuesday session recovered part of the loss from Monday, but investors grew more cautious in making big moves. Dow average was down over 200 points in the early trading, but settled with only a marginal loss.

The U.S. economic picture is certainly not looking good with the bailout plan rejected by the House, neither is the global picture. The weak economic conditions are hitting Asia as well as Europe and there does not appear to be an end nearby. The fear of economic slowdown is worldwide and the commodity prices are affected accordingly. We're trading in the 50's range and demand should come in at this level.

However, the tight credit situation is proved hard on the mills. It looks very bearish both fundamentally and technically and the MACD crossed downwards not long ago. Thought it's not possible to pick a bottom yet, the deep the drop, the sharper the bounce will be.

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

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Vikas Banduke

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

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

John Kelley

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

Johan Berlin
InvestKonsult Sweden AB

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sanjukta Dutta
Sanjukta's Studio

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

Sonam & Paras Modi
SVA

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

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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