Home / Knowledge / News / Textiles / US cotton futures suffer 10% loss this week
US cotton futures suffer 10% loss this week
24
Aug '13
After climbing to a five month high last week, cotton futures suffered a near 10% loss this week with the spot December contract dropping over 900 points to close at 84.08 c/lb. Technicals turned weak after futures prices failed to advance further higher, and specs started to liquidate their longs with massive sell orders hitting the market.

With very little buying supporting the prices, market collapsed and cotton futures locked limit down on settlement Tuesday. Total open interest dropped by 22k contracts in futures during the course of the week. Physical activities finally started to pick up on a much weakened market, and trade buying kept the market supported at 84 cents.

The focus for macro-watchers this week was on the release of the Fed’s meeting minutes on Wednesday from the July meeting. Language regarding the economy and “tapering” was much as expected, with most analysts forecasting the Fed to announce a reduction of about $10b USD per month of purchases at the September meeting. Bond yields continued their climb as the US 10-year currently at 2.81%.

In the rest of the world, a crisis-like atmosphere has begun to surround the Indian economy, potentially along with Indonesia. As the USD gains against many emerging market currencies, those countries with the weakest economic fundamentals are at most risk.

ECOMUSA


Must ReadView All

Pic: Shutterstock

Textiles | On 16th Oct 2021

China's economic growth reflects strong resilience, vitality: Li

Premier Li Keqiang has said China is capable and confident of...

Pic: Shutterstock

Apparel/Garments | On 16th Oct 2021

BGMEA urges Bangladesh govt to reskill & upskill RMG workers

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: Shutterstock

Retail | On 16th Oct 2021

UK retail sales rises by 0.6% in Sep 2021; figure 5.6% in Sep 2020

Total UK retail sales rose by 0.6 per cent in September this year...

Interviews View All

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Textile Industry, Head honchos

Textile Industry
Head honchos

Luxury is not just about high prices but ability to create desire

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Erwin Devloo,

Erwin Devloo

The Picanol Group is a diversified industrial group active worldwide in...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Daniel Roxbury, University of Rhode Island

Daniel Roxbury
University of Rhode Island

Assistant professor Daniel Roxbury and former URI graduate student...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

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

Leave your Comments


October 2021

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


Advanced Search