Home / Knowledge / News / Textiles / Cotton market remain stagnant due to lack of demand
Cotton market remain stagnant due to lack of demand
23
May '08
Overnight ICE opened at around unchanged level and started the Thursday session with light volume in early morning trading. The early options pit saw good amount of inquiry but relatively lighter activity. The intra day low at 71.58 basis N'08 was created after the mediocre USDA export report was released at 8:30am NY time.

Trading started picking up after a generally weak re-open in Chicago grains market as well as a pull back in crude oil, which provided direction for the cotton market. Despite the friendly options done in the pit such as 1,400 contracts N'08 68/75 strike price call spreads, the market slipped under 70 cents, a good support level where sizable buy orders were placed.

N'08 continued trading around the 70 cent level, but successfully closed under, with 69.81 being last traded electronically. As crude oil June futures went off board yesterday, the July price came into play and immediately posted above $134 per barrel yesterday and above $135 today, the perfect time to spike up the gas price before the memorial weekend.

As the debate goes on regarding whether there's shortage in oil supply, the farm bill is currently in a confusing status as the president vetoed the bill which was missing 34 pages. The complete bill is to be re-submitted with the anticipated veto by the president.

This week's export report saw decrease in both sales and shipments. Total new sales posted 197,700 bales with the major buyers being China, Mexico and Thailand. Total shipments were 268,900 bales.


Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Robin Grankvist
OrganoClick AB

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Tony Ward
Tony Ward

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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