Home / Knowledge / News / Textiles / Cotton prices manage to track very narrow range

Cotton prices manage to track very narrow range

11
Apr '07
This morning's USDA world supply and demand estimates were released around 7.30 and overall there was little reaction to them. Electronic futures were trading around 20 higher at their release and right up until the open outcry session.

It seems that anything bearish in the report—the US ending stocks were raised 400,000 bales to 9.2Mio-were priced into the market via yesterday's decline. By the time the open outcry session opened, the market was overall back to unchanged with more spec selling matching off with trade buying.

It seems that current levels are one of price agreement, with good absorbing of spec selling, as well as heavy volume being poured into the spreads. Prices managed to track a very narrow range throughout the day, and it was again quickly reverted to a spread session, as day 2 of the Goldman Sachs Commodity Index fund roll kicked in.

Interestingly after yesterday weakness, the May / July spread was initially very strong, tracking into 140 points July premium, before index flows moved this again back out to the 160-165 area.

By the close the theoretical difference was back to 170. Aside of the roll there was little true range, and prices settled 16 lower to 6 higher in the actively traded months. Estimated volume was again huge, at 55,244 lots.

This morning's spec hedge report showed the specs trimming back their long position somewhat, moving from 6.6% net long to 5.0% net long. Overall net longs were reduced from 15,337 lots to 11,650 lots.


Must ReadView All

UK Prime Minister Boris Johnson (Right) in virtual conversation with New Zealand PM Jacinda Ardern Pic: GOV.UK

Textiles | On 21st Oct 2021

UK, New Zealand agree to comprehensive trade agreement

The UK and New Zealand have agreed to a comprehensive trade agreement ...

Pic: Shutterstock

Textiles | On 21st Oct 2021

China's FDI inflow up by 19.6% in first 9 months of 2021

Foreign direct investment (FDI) into the Chinese mainland, in actual...

Pic: Shutterstock

Textiles | On 21st Oct 2021

India’s cotton consumption to rise in market year 2021-22

The highly competitive prices of Indian cotton fibres in the global...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Susan Bhaktul,

Susan Bhaktul

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

Klaus Bergmann,

Klaus Bergmann

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

Sanjay Jhunjhunwalla,

Sanjay Jhunjhunwalla

In the financial hub of eastern India, Kolkata, a humble production...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

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 ...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

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