Home / Knowledge / News / Textiles / Cotton market up on Dec 8
Cotton market up on Dec 8
Dec '08
Asia and European markets opened higher and this lead to firmer commodity prices and a weak dollar. Cotton took advantage and also was up strong overnight. We are now in the middle of the trading range for the H'09 (40/48). We expect to see some more upside follow through overnight especially after such a good close on the DJI. However, over 9,000 we may start to see some profit taking and the dollar is close to its support line at 85 as we closed at 85.7.

Volume was light all day as the open interest remains on the lows and demand is hand to mouth.

The USDA S&D report comes out Thursday but we do not expect any big changes. The markets keep following each other so unless we see a big move higher in the stock market, the upside may be limited. Oil, grains and metals are all in a upside patter after 9 out of 11 up days. The dollar keeps struggling in a narrow range and the concerns about the long term remain.

Cert stocks remain at 900k and open interest at 130k is part of the reason we are getting so many limit moves. We just do not have the liquidity to satisfy the demand and this keeps us swinging sharply under high volatility.

Technically the dollar is establishing a sideways trading range between 85/88. After the ECB announcement last week, the dollar did test the highs near 88, but eventually came down hard. The stock markets also started the week and seem to be heading for a strong finish after such a poor performance over the last 6 months.

Cotton is starting to build a sideways trading channel 40/48 as we may be testing the bottom of the range for the short term. RSI at 45 and the moving averages are getting closer so we may keep trading sideways.

Ecom USA

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

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

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search