Home / Knowledge / News / Textiles / ECOM daily cotton markets recap

ECOM daily cotton markets recap

06
Jun '07
Market gapped higher across the board as we were trading electronically up strongly before the open and then followed through with local and spec buying that found stops at 51.00 in N'07 and made a high close to 52.00.

This certainly put the N'07 chart back on to an upward trend and proved the specs are still in a position to test the highs and have ammunition to do it. Rumors of new index fund longs may be involved as well after the market tested 3 year lows less than 4 weeks ago.

Volume was well above average with futures at 40,000 contracts and 10,000 options. The spec hedge report was only 8.7% compared to 7.4% the week before and a bit lower than our expectations. However, they made up for it today with heavy scale up buying which was also met with trade scale up selling above the 51 and 57 levels in N'07 and Z'07.

It was unusual to see the spread narrow in to the 550 area after reaching 590 yesterday. The open interst in N'07 was still above 100k as of this morning and the specs look like they are comfortable to wait longer to start moving out of July.

Technically todays activity gave a fresh injection to the bullish argument and will give them the confidence to protect any downside correction. The next upside target will be 52.50 and there is downside support at 51.50 and 51.00 along with the 50.60 area that represents the top of the gap where we opened today.

Click to view graphical presentation:

ECOM USA Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 3rd Aug 2021

Pingnan County in China investing ¥26 bn in textile industry cluster

Pingnan County in the Guangxi region of China is building a textile...

Pic: Shutterstock

Apparel/Garments | On 3rd Aug 2021

84% industrial units in Bangladesh reopen; union leaders concerned

Around 84 per cent of Bangladesh's textile and readymade garment...

Pic: Shutterstock

Apparel/Garments | On 3rd Aug 2021

Prime Content| Vietnam textile & garment exports at $17.953 bn in Jan-June '21

Vietnam earned $17.953 billion from textile and garment exports in...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Aashumi Mahajan,

Aashumi Mahajan

Luxe Maison is a premiere haute couture e-boutique established after 2015. ...

Daniele Uboldi,

Daniele Uboldi

EptaInks is the screen-printing division of Eptanova, a company that...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

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

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

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

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

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

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

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


July 2021

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


Advanced Search