Home / Knowledge / News / Textiles / ECOM daily cotton markets recap - 8 June

ECOM daily cotton markets recap - 8 June

09
Jun '07
Cotton futures tested three-week lows today at 51.20 but held up well as the market traded in the recent 100 point range 51.20/52.20. The Dec had a similar experience topping out at the 3 day high of 57.65 and made a new 3-day low of 56.80.

The majority activity of the day was rolling the N/Z around 560 pts. as the volume was over 40,000 futures about 50/50 electronic/open outcry and 9,000 in options.

There seemed to be some profit taking today as we are expecting a neutral S&D report on Monday and they are getting some rain in the northern Delta today and tomorrow which will help relieve the 3-week dry spell.

Grains, metals and energy were all down as well as the CRB fell considerably as the Dow Jones had a nice correction after two down days.

The market opened firm and even tested the highs as fresh buy stops were uncovered at 52.11, but the market managed to absorb the run by the specs and locals with good trade scale up selling.

This lead way to bearish options with heavy selling of Z'07 60 calls from 200 down to 180 pts. U.S. crop is improving and the monsoons in India have picked back up and are back on schedule. Cert stocks rose slight and the remaining loan stocks fell 277,000 bales.

Market seems to be caught in a narrow range ahead of option expiration where a large position is held in the 5200 strike and may create a large amount of resistance.

Technically, we are still in the uptrend as we continueto close above the 50 day moving averages and Z'07 has risen 600 pts from the lows only three weeks ago @ 51.50.

Technically, the 3 day low held up in the N'07 and the next area to be tested in the N'07 would be the 50.95 and later the gap between 50.60-50.25. The major spread range looks to be between 560/580 so we should continue to move in a sideways pattern.

Click to view graphical presentation:

ECOM USA Inc


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

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Daniele Uboldi,

Daniele Uboldi

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

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

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

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Sunita Shanker, Label Sunita Shanker

Sunita Shanker
Label Sunita Shanker

Inspired by the rich traditional crafts of India, Sunita Shanker’s work is ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

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

Gavin Miguel, Label Gavin Miguel

Gavin Miguel
Label Gavin Miguel

Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...

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