;
Home / Knowledge / News / Textiles / NY cotton futures continue to trade lower
NY cotton futures continue to trade lower
03
Jul '08
NY cotton futures continued to trade lower Wednesday in thin volume, which marked the third continuous weaker session this week. Overnight ICE opened at slightly higher and tried to maintain the price level above 76 cents but failed. Early morning options pit trading was featured by some good volume of H'09 put spreads selling and Z'08 dollar call buying.

Not supported by these bullish options or the strength from the grains market, cotton futures slid to trade at today's low of 74.97 briefly. 75 cents proved to be a good support level and Z'08 then traded between 75.00 and 75.50 for the rest of the session before it last traded at 75.79 electronically, down 104 points from yesterday's settlement.

US dollar keeps weakening ahead of European Central Bank meeting and its interest rate decision tomorrow, and has dropped to a low since end of May. Amid worsening inflation and slower economic growth in Europe, ECB is likely to raise the eurozone interest rate by a quarter of a point. Not reflecting the weakening dollar or the higher grains prices, cotton futures has separated itself from the outside markets and now trades on short term fundamentals.

There are mixed feelings by the market players as we are heading into the Independence day weekend, the market feels comfortable to trade around 75.50 level. Tomorrow's export number is expected to be somewhere close to the previous one, and we'll need a low 70's before we see mill orders coming in.

Today's session painted another negative picture on the technical chart. December contract broke through the 75 cents level and established a new three week low. However market successfully closed above that level trying to find a bottom before the long weekend. It now settled below both moving averages and MACD has made a clear cross downwards.

Trading was still choppy in light volume amid uncertainties in the market. Tomorrow is the last trading day before the holiday weekend, and we could continue to challenge downward at the current support level of 75 cents basis Z'08.

Click here to view more:

ECOM USA Inc


Must ReadView All

Vietnam targets $ 40 bn in textile-garment exports in 2019

Apparel/Garments | On 22nd Jan 2019

Vietnam targets $ 40 bn in textile-garment exports in 2019

The Vietnam Textile and Apparel Association (VITAS) has set a target...

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

Apparel/Garments | On 22nd Jan 2019

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

The number of readymade garment (RMG) factories in Myanmar that...

India to soon have own standard for apparel size: minister

Apparel/Garments | On 21st Jan 2019

India to soon have own standard for apparel size: minister

India will soon roll out a size project for Indian apparel on the...

Interviews View All

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Larry Fontana,

Larry Fontana

Italy-based Lafer SpA is one of the most innovative surface finishing...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Mario Ploner,

Mario Ploner

<div>Italian company Tecnomeccanica Biellese specialises in planning and...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

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

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

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

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

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

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


January 2019

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

news category


Related Categories:

Advanced Search