Home / Knowledge / News / Textiles / Cotton trades in narrow to lower range
Cotton trades in narrow to lower range
19
Nov '08
Cotton traded in a narrow to lower trading range while finding some support late in the day to close near unchanged. The Z'08 expires this week and the open interest is falling on a daily basis as we get closer to expiration. Cert stocks have come down steadily and demand remains hand to mouth on dip sin NY.

Harvest is in full swing and the Memphis Eastern regions are almost finished. West Texas, which has the biggest uncertainty about quality, still remains only 64% picked. Volume was good today with 16,000 futures and 5,000 options with still 16,000 Z'08 contracts to liquidate as of this morning.

The outside markets are the big question mark at the moment. We keep getting negative news on a daily basis from multiple sources, but the dollar remains under pressure and commodities are starting to build a bottom.

Oil is the key and it is showing good scale down support as well as grains and metals. There just seems to be an oversold attitude which is keeping commodities from crashing further. Will have to see how the dollar behaves overnight based on the bounce back in the stock market on the close. If Asia and Europe react positively then we could see some follow through in commodity prices.

Technically we are trying to build a bottom, but it has been a very difficult process. The stock market weakness and strong dollar are two major factors why we cannot hold a bottom. December contract has been settling just below the 9 day moving average and way below the 50 day moving average.

The down trend is still holding well with MACD making undecided movements, and the RSI is right around the over sold area. It may take until the first quarter to see some significant attempt to invest new money.

Ecom USA

Must ReadView All

Courtesy: Applied DNA Sciences

Apparel/Garments | On 24th Feb 2017

SigNatureT DNA can help prevent apparel counterfeiting

SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...

Textiles | On 24th Feb 2017

Pakistan's textile exports down 1.54% in July-Jan FY17

The value of textile and garment exports made by Pakistan decreased...

Courtesy: The Irish News/Christian Cowan (Google)

Fashion | On 24th Feb 2017

Google & Christian Cowan create 'really blue' jeans

Google has partnered with British fashion designer Christian Cowan to ...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Giorgio Mantovani
Corman S.p.A

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

Marten Alkhagen
Swerea IVF AB

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

Urs Stalder
Sanitized AG

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

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

Yash P. Kotak
Bombay Hemp Company

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

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
February 2017

February 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