;
Home / Knowledge / News / Textiles / Cotton futures open slightly lower
Cotton futures open slightly lower
01
Jul '08
Monday cotton futures opened slightly lower, but was soon taken on a wild ride upon the USDA acreage report's release at 8:30am NY time. Cotton plantings for 08/09 season are estimated at 9.25 million acres, down from the March estimate of 9.39 million acres.

The report was considered bearish since an average estimate of 9.00 million acres has been factored into the market. Weakness immediately kicked in after release of the report and an intra day low at 81.80 was established basis Z'08. Supported by a trader buying 2,000 contracts December 85/95 strike call spreads for 220 points, Z'08 futures was trading at 160 points lower.

Today marked the last trading day of the second quarter of the year and not much excitement came out of the market. Cotton volume is mediocre at 15,500 contracts in futures and 10,600 contracts in options. West Texas received more rain over the weekend. Most of the hail damage is kept to the west of Lubbock. However, there are still plenty of uncertainties in this market which might take the prices to move either direction.

Technically, we had the biggest pull back during recent sessions driven by the bearish USDA acreage report. December contract made a try to break through the 78.50 level and settled right at the 50 day average price. Cotton futures is finding good resistance around 82 cents basis Z'08.

As there are plenty of uncertainties in the market, we will have to wait and see if it can break through the support level or we will eventually hold here and go higher. Fundamental wise, we will not have another big news until the supply and demand report to be released next Friday. Meanwhile, cotton is likely to continue following the outside markets.

Click here to view more:

ECOM USA Inc


Must ReadView All

Courtesy: Lululemon

Apparel/Garments | On 16th Dec 2018

Lululemon’s net revenue up 21% in Q3 2018

Lululemon Athletica Inc, a healthy lifestyle inspired athletic...

Courtesy: Walmart

Apparel/Garments | On 16th Dec 2018

Rakuten, Walmart start Walmart ecommerce store in Japan

Rakuten and Walmart have joined hands to start the first Walmart...

Courtesy: H&M

Apparel/Garments | On 16th Dec 2018

H&M Group's wage summit discusses fair wages

The textile and fashion industries were brought together by H&M Group ...

Interviews View All

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

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

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

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

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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