Home / Knowledge / News / Textiles / Sporadic cotton business last week as May Day approaches

Sporadic cotton business last week as May Day approaches

01
May '07
Today represented the lowest monthly close that we have had since late 2004 and that was when ending stocks were 5 million bales compared to the growing stocks to use of 10 million bales or more in the U.S for the 06/07 marketing year. The specs may have added to their short position last week and being the last trading day of the month, they could have been aggressive for their month end book.

Spec position is expected to get shorter tomorrow as the Commitment of Traders report showed they went to 9.1% for the week ending April 24th vs 8.8% the week before. Cert stocks continue to grow to over 725,000 b/c with another 10,000 awaiting review.

Showers and soil moisture are also increasing in the West Texas non irrigated areas as well as the Memphis Delta area which had the driest March on record and badly needed some rain to start planting.

Business was sporadic last week and over the weekend as China is on holiday this week and expect this weeks sales and export report to fall back to average sales and shipments close to 300,000 b/c each.

Very difficult to find friendly news at the moment and we can only hope specs have increased their short positions enough to avoid more significant selling as we work to hold the 49.25 level in N'07 and 54.10 in Z'07 which are only 50 pts above life of contract lows.

This sideways consolidation is key to help build a bottom technically and make a push back to the upside. Volume was respectable at a combined 18,000 futures and 8,500 options.

The 9 day moving average is at 50.77 compared to the 50 day moving average at 53.59. RSI is at 28.16.

Click to view graphical presentation:

ECOM USA Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Water stewardship, Stakeholders

Water stewardship
Stakeholders

Water use efficiency remains relatively unexplored

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Vikash & Vishal Pacheriwal,

Vikash & Vishal Pacheriwal

Launched in 2018, Raisin is a contemporary fusion fashion brand that aims...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

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

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

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

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