Home / Knowledge / News / Textiles / NY futures remain under pressure

NY futures remain under pressure

10
Feb '07
After closing higher on Monday in reaction to the NCC plantings estimate, the market has since fallen over 200 points in just three sessions. While aggressive fund selling was given credit for this decline, the trade did its part by pursuing bearish options strategies ahead of tomorrow's USDA report.

Even though there was a decent amount of scale down fixation buying, it was not nearly enough to hold against the heavy onslaught of spec selling.

Volume was extremely heavy over the last couple of sessions, with 58'000 futures contracts changing hands yesterday and today's preliminary volume of 61'590 breaking the all time record set back in November.

Meanwhile, open interest continues to surge to from one record to another, counting 197'197 contracts as of this morning, which almost equals the size of the US crop. That's remarkable considering that we are in the midst of liquidating the March contract, but there seems to be no end to speculators raising their bets on both side of the market.

The latest NYBOT spec/hedge report as of Friday, February 2nd, showed that spec longs owned 9.28 mio bales, which were 0.52 mio bales more than the week before. On the other hand we had spec shorts with 9.49 mio bales, an increase of no less than 1.14 mio bales. This resulted in a net short position of just 0.21 mio bales or 1.1% of open interest.

The 'hedge' position showed that trade longs, which are mostly related to index funds, were up by 0.47 mio bales to 9.98 mio bales, while trade shorts were the only group to reduce their position last week by covering 0.15 mio bales, which resulted in a 9.77 mio bales short exposure as of last Friday.

Click here to read more:

Plexus Cotton, UK


Must ReadView All

Pic: Shutterstock

Textiles | On 27th Sep 2021

China's infrastructure plan to spur domestic demand, economic change

China’s State Council's executive meeting recently adopted the 14th...

Pic: Shutterstock

Apparel/Garments | On 27th Sep 2021

AAFA calls for tariff relief as US industry deals with shipping crisis

American Apparel & Footwear Association president and CEO Steve Lamar ...

Pic: Shutterstock

Textiles | On 27th Sep 2021

Bangladesh seeks duty-free market access to US

Bangladesh recently urged the US to provide duty-free access to its...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Zayed Moyeen,

Zayed Moyeen

Far East Knitting and Dyeing Industries LTD (FEKDIL) was established in...

Andrea Pelissero,

Andrea Pelissero

Located near Milan, Italy, and with 50 years of experience in the textile...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Karan Bose, Hula Global

Karan Bose
Hula Global

Hula Global, a leading isolation gown manufacturer in India, has been...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

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


September 2021

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


Advanced Search