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Cotton and Textiles: World


Cotton futures were little changed on Monday in subdued trading above recent two-year lows, still under pressure from speculator selling on expectations of ballooning inventories in the new crop year. The benchmark December cotton contract on ICE Futures US closed down 0.05 cent, or 0.07 percent, at 67.69 cents a lb after trading in a tight range of less than 1-cent throughout the day.

The Zhengzhou Commodity Exchange will raise margin requirements for its cotton futures contract from the August 8 settlement to manage market risks, the exchange said. The minimum trading margin will be lifted to 8 percent from 5 percent, the exchange said in a statement issued late on Friday. The most active January cotton futures contract has shed 6.6 percent since June 30 to hover at 14,380 yuan, its lowest since August 2012. Open interest for the contract has jumped 72 percent in the same period to 317,140 lots.
The fluctuations observed during the day:

ICE cotton rose slightly on Friday in another range-bound session as relentless speculative selling dried up and some mills entered the market to pick up bargains after the market's weeks-long rout on concerns about oversupply. The benchmark December cotton contract on ICE Futures US settled at 67.74 cents per lb, up 0.13 percent from Thursday. Trading was in a narrow range. Trading volumes plunged to just over 7,600 lots, which traders said reflected the exit of institutional and speculative cash from the market.
Mali is on track to hit a raw cotton production target of 600,000 tonnes for the 2014-2015 season as sowing draws to a close, the government-owned Malian Company for the Development of Textile (CMDT) said on Thursday. The state cotton company said that, as of July 10, farmers had sown 97 percent of the planned 570,300 hectares, with 10 days still left until the close of the sowing season.
ICE cotton eased slightly on Wednesday, giving up earlier gains as traders and speculators continued to sell amid forecasts of plentiful supplies and concerns about dwindling demand, with little mill buying to support prices. More stability in other markets, including corn as relentless selling subsided, provided some relief too, although traders were eyeing the next technical support level at 66 cents. That would set a fresh two-year low.
The fluctuations observed during the day:


Index Closing Chg%
Arrow DJIA 17,051.73 0.28
Arrow Nasdaq 4,424.70 0.17
Arrow S&P 1,973.63 0.23
Arrow FTSE 6,728.44 0.31
Arrow DAX 9,612.05 1.11
Arrow CAC-40 4,304.74 0.71
Arrow Nikkei 15,215.71 1.01
Arrow H.Seng 23,387.14 0.29
Arrow Sensex 25,715.17 0.29

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