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

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...

Global economy now growing by about 3%: UN

Textiles | On 13th Dec 2017

Global economy now growing by about 3%: UN

There is an upturn in the global economy, and it is now growing by...

Clothing prices rise 3% in November in UK market

Apparel/Garments | On 13th Dec 2017

Clothing prices rise 3% in November in UK market

As post-Brexit referendum currency adjustment continues, prices of...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marten Alkhagen
Swerea IVF AB

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

Giorgio Mantovani
Corman S.p.A

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

Judy Frater
Somaiya Kala Vidya

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

Robert Brunner
Devereux

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

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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