Home / Knowledge / News / Textiles / Cotton market moves higher
Cotton market moves higher
03
May '08
Cotton moved higher fueled by higher other commodities prices. The general pull back in commodities this week came to an end today after slightly higher prices overnight. We did see an attempt at the lows set on Thursday, but most every commodity closed in green today as the CRB worked back above 400.

We are seeing good scale down demand under 70 cents in N'08 as well as large volumes of on-call sales left to hedge keeping N'08 well supported. Open interest rose slightly to 250K overnight but volume was light with only 13,000 futures and 13,000 options.

We should have a good sales report next week and we will also have the USDA S&D report next Friday to digest as well. The market in general is feeling like a short term bottom is in place. Cert stocks continue to rise but good business is being done and the spreads are starting to narrow which is showing a firm spot month.

The stock market and dollar enjoyed a nice week, but the trend from the weak economy does not feel like it is over yet. We may still have some volatility going forward which should allow commodities to rally and the dollar to find resistance. The short term for cotton feels friendly and we will have to see if the technicals can start to turn positive next week.

We are in a negative seasonal pattern as we approach the large Northern Hemisphere planting period. Technically, we broke the strong support line at 70 cents in N'08 this week.

The next strong line of support can be found at 66.13 but it may avoid testing until closer to FND in June. The cotton market feels like we are putting in a short term bottom, but the Commitment of traders report showed the non-commercials continue to reduce their longs.

Oil prices rebounded today all the way to 115.00 even though the dollar closed higher. Short term feels friendly as we may try and test the 72.50 level and the 9-day moving average next week if grains stay firm.

Click here to view more:

ECOM USA Inc


Must ReadView All

Courtesy: Trinity Kubassek from Pexels

Textiles | On 19th Aug 2018

Australian wool production to fall 5.7% in 2018-19

Shorn wool production in Australia is likely to fall by 5.7 per cent...

Courtesy: Next Level Apparel

Apparel/Garments | On 19th Aug 2018

Blue Point Capital recapitalises Next Level Apparel

Blue Point Capital Partners has recapitalised Next Level Apparel, a...

Retailers approaching 100% inventory accuracy: Study

Apparel/Garments | On 19th Aug 2018

Retailers approaching 100% inventory accuracy: Study

With computer vision use cases maturing, Artificial Intelligence (AI) ...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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


August 2018

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

news category


Related Categories:

Advanced Search