Home / Knowledge / News / Textiles / Overall momentum of the market shows negative approach

Overall momentum of the market shows negative approach

22
Apr '08
Another weak day as we approach first notice day for the May contract on Thursday. Volume was light with 29,000 futures and 12,000 options as the majority of activity was rolling out of may as the spreads continue to widen. Open interest fell to 256k overall as K'08 tomorrow will probably have close to 12k with only 2 trading days left.

Business on this break has started to pick up and the specs have slightly increased their long position to 11.1% from 10.8% last week. The overall momentum at the moment is negative as grains in Chicago also broke some short term support levels and may pull cotton lower through delivery.

Cert stocks continue to grow and this will provide a great deal of upside resistance We still have to wait and see if China and other markets enter the market aggressively based N'08 if we reach the lower 70's. N'08 found good support today at 73.00 and may try to move sideways until we find out who a possible taker may be.

The mood in NY seems to be cautiously friendly as the dollar tries to hold on to some gains from last week and commodities seem to be running out of the steam they enjoyed in the first quarter.

More profit taking selling came in today after the false technical breakout last week. Supported by the overall weaknesses in commodities, NYF formed another negative candlestick in the technical picture. The entire session was trading beneath both the short term and long term moving averages and the RSI is at 39%.

We are seeing a lack of fundamental and technical support in cotton which has been reinforced with lowering grain prices in Chicago.

Click here to view more:

ECOM USA Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 23rd Nov 2020

Japan aims to expand CPTPP trade pact

Japanese Prime Minister Yoshihide Suga recently said his country...

Pic: Shutterstock

Textiles | On 23rd Nov 2020

Bangladesh gets $256.5 mn from Green Climate Fund

Bangladesh recently received $256.5 million from the UN Green Climate ...

Pic: Mulberry

Apparel/Garments | On 23rd Nov 2020

Frasers raises Mulberry stake to 37%, considers offer

The Frasers Group, formerly called Sports Direct, recently announced...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Textile Industry, Head honchos

Textile Industry
Head honchos

Indian apparel industry looks poised for slow death

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Verena Ruckh,

Verena Ruckh

Brückner Trockentechnik develops, manufactures and supplies textile...

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

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

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising 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...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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


November 2020

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


Advanced Search