;
Home / Knowledge / News / Textiles / NY futures rally this week
NY futures rally this week
15
Feb '08
NY futures rallied this week, with March gaining 150 points to close at 69.91 cents, while December added just 33 points to close at 77.03 cents.

Since dropping down the limit on January 22, the March contract had been confined to a tight range over the last three weeks, closing somewhere between 66.95 and 68.99 during that period.

Then this morning - seemingly out of nowhere - the market exploded to the upside and within minutes into the open outcry session we had March trading limit up and it was wanted there for the rest of the session. Volume was extremely heavy at over 73'000 futures, which adds validity to this move.

Even though there were signs that the market was losing downside momentum and that it was due for a bounce, nobody was expecting this kind of strength. After pushing lower on Monday on decent volume, the market had failed to follow through on Tuesday and Wednesday, with most of the volume coming from rolling March into May, while outright activity had slowed to a trickle.

The fact that open interest rose by over 4'000 contracts yesterday was another sign of impending strength, since it confirmed that speculators had returned as buyers.

Commentators pointed to several potential catalysts for this rally, such as the strength in outside markets, Chinese buying, a speculative fund having to cover shorts and a merchant possibly setting up a cert. stock squeeze. It was probably a combination of these factors plus an initial lack of selling that allowed the market to surge higher.


Must ReadView All

Courtesy: Kai Pilger from Pexels

Textiles | On 11th Dec 2018

India's textile-apparel exports fell slightly in H1 FY19

India’s overall textile and apparel exports in H1 FY19 stood at $18.4 ...

Courtesy: Alizilla

Textiles | On 11th Dec 2018

Belgium, Alibaba promote inclusive global trade under eWTP

The Belgian Government and China’s Alibaba Group recently announced...

Vietnamese garment firms plan to boost exports to Canada

Apparel/Garments | On 11th Dec 2018

Vietnamese garment firms plan to boost exports to Canada

As Vietnam is yet to sign a free trade agreement with Canada, so the...

Interviews View All

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

DK Sharma, Velocity Apparelz

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


December 2018

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

news category


Related Categories:

Advanced Search