;
Home / Knowledge / News / Textiles / Cotton market struggles to find direction
Cotton market struggles to find direction
08
May '08
Cotton has been trading sideways the last several sessions as the market is struggling to find direction. The grains are also bouncing back and forth in a narrow range and giving little direction to cotton at the moment. Export sales are coming out tomorrow and we are not expecting them to reach last week's record levels.

Good rain in West Texas has softened the market response to the good sales nearby as well as the lack of strength in grains. However, with oil prices hitting new record highs everyday, the trend is still alive for spec money to stay invested in commodities instead of jumping back 100% into stocks.

The USDA S&D report may help break this market out of the current trading pattern as we have been unable to break the trading range set a week ago on April 30th and continue to see little change in open interest.

Inquiries are slowing down as mills seem to be comfortable with the amount of cotton they have committed and we are still trying to get a handle on global consumption with several reports describing a very bearish textile mill picture. Economic growth is under pressure and the mills are struggling with the lack of demand.

NYF cotton prices are overall holding up well considering the bearish fundamentals. More rain has been seen in West Texas, which is a friendly news for the planting season.

Technically, we broke the strong support line at 70 cents in N'08 last week, but have closed above this level two days in a row. The cotton market feels like we are trying to put in a short term low near 69 cents as we have had four continuous inside trading days.

However, the 69 cent level has proved to be a strong support yet again. We are likely to trade sideways and in sync with outside commodities for the nearby trading sessions.

Click here to view more:

ECOM USA Inc


Must ReadView All

No tax on cotton fabric import from India to Vietnam soon

Textiles | On 9th Dec 2018

No tax on cotton fabric import from India to Vietnam soon

Under the free trade agreement between India and the Association of...

Courtesy: Businesswire

Textiles | On 9th Dec 2018

Endy being taken over by Sleep Country

Endy, Canada’s leading online mattress brand, is being taken over by...

Courtesy: Polartec

Textiles | On 9th Dec 2018

Polartec working with online retailer Backcountry

Polartec, the premium provider of innovative and sustainable textile...

Interviews View All

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Spokesperson, Hugo Boss

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

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

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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