Home / Knowledge / News / Textiles / Market trades lower

Market trades lower

23
Dec '08
Very quiet weekend added to another slow day in the markets as we see low volume and a lack of business taking place. Open interest fell significantly on Friday by 3600 contracts and the spec short position fell to mostly unchanged at 1.6% today. There is very little physical demand as most mills are in holiday mode and waiting for next year to evaluate 1st and 2nd quarter demand. Stock market was lower most of the day but settled near unchanged as oil and metals are struggling.

This all leads to more Treasury buying and a lack of commitment in commodity or equities in the short term. Volume was very weak with 4,000 futures and 2,000 options as we wait for next year to see if we can uncover some of that new spec money to save the oversold commodity markets. However, the global recession symptoms will probably continue to weigh on the markets next year as China cut rates again today as they try to prop up the struggling economy.

Cert stocks keep falling but we are seeing some new crop cotton awaiting review as there is a push to get carry back on the board. Technically, cotton is starting to look more positive as the moving averages are getting close to crossing. However, the dollar has bounced off the lows and open interest keeps falling.

Cotton is starting to build a sideways trading channel 40/48 as we may be testing the top of the range going into year end. RSI is at 50 and the momentum is certainly looking more positive as we start to enter the more friendly seasonal demand period starting in late December.

Ecoms USA


Interviews View All

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

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

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

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

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

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

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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


October 2019

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

news category


Related Categories:

Advanced Search