Home / Knowledge / News / Textiles / ECOM daily cotton markets recap - March 13, 2007

ECOM daily cotton markets recap - March 13, 2007

14
Mar '07
E futures traded unchanged to a touch lower for much of the early morning, following on from yesterday's dead session, it looked like it was going to be much of the same.

The open outcry session opened to unchanged prices and even a little firmer early on, however there seemed a lack of a fund bid this morning which had been continuously supporting prices over the last week, and sensing this the locals began to sell quite aggressively in the May and July.

Soon there were few bids beneath the market and both contracts began cascading, in particularly the May, which dropped quickly down to 54.00 and upon breaching some resting sell stops out of the funds, May bottomed out at 53.50 some 105 points lower. The May / July spread widened out to at one stage beyond 90 points May premium.

Prices remained weak for the rest of both the outcry and electronic sessions, eventually closing between 66 and 91 lower in the active trading months. Estimated volume 20,179 lots, which was a vast improvement on yesterday's paltry result.

The spec hedge report this morning predictably showed the specs having increasing their net long position over the past week, increasing their net longs some 7,912 lots to 9,469 lots of 4.6% net of open interest.

An about turn for the May today, having once again looked so promising. Today's session took prices back beneath the 50 day moving average which negates much of the good lead up work. Next we will need to seehow the recent ST uptrend holds up at 53.50 on today's lows.

One thing that is very encouraging is that the 9 day moving average is converging on and about to overtake the 50 day average, suggesting some more spec involvement at higher levels.

Momentum wise things are quite even after today's sell off, now at 47.93 having started to trend up over the past week or so.

Click here to view graphical presentation:

ECOM USA Inc


Must ReadView All

Pic: ADB

Textiles | On 22nd Sep 2021

ADB trims developing Asia 2021 growth outlook to 7.1%

The Asian Development Bank (ADB) lowered its 2021 economic growth...

Pic: Shutterstock

Textiles | On 22nd Sep 2021

Mexican cotton outlook seems promising in MY 2021-22: TexPro

Mexican cotton outlook has been improving gradually due to...

Pic: Shutterstock

Apparel/Garments | On 22nd Sep 2021

Bangladesh RMG exporters fear losses due to problems at airport

Apparel exporters in Bangladesh are expecting significant losses for...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Klaus Bergmann,

Klaus Bergmann

German company Erbatech GmbH develops, designs and manufactures high end...

Susan Bhaktul,

Susan Bhaktul

Established in 2000 as a liaison with the Government of India, Industree...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

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