Home / Knowledge / News / Textiles / Cotton market opens higher
Cotton market opens higher
14
Oct '08
Cotton was up strong reaching almost 300 pts higher at one point during the morning after stocks opened much stronger. Overnight markets had been strong and commodities started to feel the support early, but certainly did not close on the highs.

There is still some uncertainty out there on how the global economy will perform long term, but after almost every equity market worldwide lost over 20% last week, we were due for a bounce and got a nice one of over 11% higher across the board. Volume was light under the holiday atmosphere with only 12,000 futures and 7,000 options as open interest continues to fall.

Demand has been very firm lately coming off the Ramadan break and the Labor day holiday in China. We are seeing most inquiries for nearby shipment, but some are for the first quarter next year. Specs keep liquidating as we are now 7% short compared to 4.7% last week as you will se on page 2 in attached PDF.

The momentum downward may have come to an end as we finally got some stability in the financial markets. The fundamentals are much stronger and with a few sideways trading sessions we could start to see a better technical picture as well.

The U.S. economic picture became a bit brighter as the stock markets found some support and this may lead to a commodity bounce. With RSI at 25, we have reached extremely oversold conditions and should be ready for at least a consolidation possibly in the 50-55 cent range for Z'08.

Click here to view more:

ECOM USA Inc

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Robert Brunner
Devereux

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

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