Home / Knowledge / News / Textiles / Cotton market trades lower on Oct 21
Cotton market trades lower on Oct 21
22
Oct '08
Cotton tested the lows again today after a limit down yesterday, but we did find good support under 49 cents in Z'08 and bounced hard into the close. There is some feeling the low hit last week at 45.66 should hold up in the short term as we are seeing some consolidation taking place here in commodities and equities. However, we did see some drops in the stock market today on very volatile conditions and the grains, energy and metals gave back some as well after a good bounce yesterday.

Volume was average with 11,000 futures and 10,000 options as the main feature continues to be the rolling of short Z'08 contracts into a narrowing forward market. We are seeing good scale down mill demand when we get the front month under 50 cents. This equates to landed prices in the low 60's where mill are comfortable covering the end of 4th and early first quarter'09.

The mills are still hand to mouth and not chasing this drop too far forward. Outside markets will still be important even though cotton has divorced itself somewhat over the short term. The dollar is also very strong and keeping the commodities in check while the equity markets keep suffering from the financial uncertainty.

Technicals are starting to look better after a few up days last week and a nice bounce back today. MACD is starting to turn north for the first time as we have reached heavily oversold signals which are due for a bounce.

RSI is at 37, but the fundamental picture looks good and we are starting to stabilize in grains and energy prices. There will certainly be plenty of volatility going forward as everyone agrees that we are not out of the woods yet, but we are seeing a small trend to buy dips instead of sell rallies as there is some demand to buy with volatility at these all time highs.

Ecom USA


Must ReadView All

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Courtesy: ITMA

Textiles | On 22nd Sep 2017

ITMA 2019 to focus on smart garment technologies

ITMA 2019, the world's largest textile and garment technology...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Robert Brunner
Devereux

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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