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Plentiful supply of cotton leads to wait & watch by buyers
Apr '08
The weakness in cotton from yesterday carried through to Thursday early session. Overnight ICE opened around 20 lower amid higher grains prices, crude oil and the commodities index. Dollar index, on the other hand, has recovered part of yesterday's losses.

As early morning options trading was quiet, light volume online futures trading took the market down to 150 points lower. Trading was then held back as traders awaited the Chicago market to re-open. Support came from the friendly grains open but only held temporarily before market saw weaknesses in crude oil and Chicago grains.

New low was created close to noon which pushed K'08 to approach 71 cents, where overseas buyers had been look at importing U.S. cotton. NYF then slipped into quiet trading before session close at 71.75 basis K'08.

This morning's U.S. export report (chart on page 2 in attached PDF) proved that overseas mills are in no rush to purchase inventory when NYF backed off from their acceptable price level. Due to the tight profit margin, most mills are only buying hand to mouth. And since there's plenty cotton around, they can afford to play the waiting game.

New sales were only 148,800 running bales upland and pima combined compared to 493,600 the week before. The major buyers were China with 48,200 bales, Turkey with 22,000 bales and Korea with 22,000 bales. Shipments were slightly improved from last week at 313,600 running bales combined with 122,200 bales leaving forChina and 31,200 bales leaving for Mexico.

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