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Cotton and Textiles: World


Cotton futures rose on Friday on worries that unfavourable weather in Texas would hurt crops and strong US government export data in a session shortened by post-holiday trading hours and technical issues. Prices were bolstered by forecasts of freezing rains for key areas of Texas, the top-producing state, traders said. Export sales hit a marketing year high of 257,600 running bales in the week to November 19, up 38 percent from the previous week, US Department of Agriculture (USDA) data showed on Friday.

The following were the fluctuations observed during the day:

ICE cotton futures rose to a one-month high on Wednesday, posting their largest single-day gains in six weeks, as forecasts for rains with the potential to disrupt harvest in Texas, the top-producing state, prompted short-covering. "We're looking at some pretty bad weather in West Texas," said Louis Rose, independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee, adding that the move above 62.50 cents a lb appeared to trigger buy-stops, exaggerating the session's gains.
ICE cotton futures rebounded on Tuesday from a six-week low hit the prior session as a weekly US government report showed slow harvest progress, particularly in No 2 growing state Georgia, as rains prevented farmers from undertaking harvest activities.
The following were the fluctuations observed during the day:

ICE cotton futures fell to a six-week low on Monday as a strong dollar pressured commodities, and as an outside reversal on Friday, in which the price settled lower after exceeding Thursday's high, sent bearish chart signals. "All commodities seem to be in the skids right now," said Bobby Walton, president of Walcot Trading Company in Memphis, Tennessee, noting that the market's failure to breach resistance at 63.50 cents a lb the prior session prompted some follow-through selling today.
The following were the fluctuations observed during the day:


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

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