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Cotton prices see a slow but careful rise
19
May '08
Cotton prices continued to be trapped within the approximate 4 cent trading range established way back on May 1st. Without much in the news background to stimulate trading other than welcome rains in West Texas more than offsetting planting delays in Mississippi, prices tried the downside this week with no more success than previous attempts.

The spot month, dipped below 70 cents for the seventh time this month on Thursday and predictably – just as the first six times, found commercial buying waiting. Prices stayed well inside its three-week ranges Thursday but the lows were the lowest in seven sessions even though prices came back a bit for the close.

Friday was another matter. With the downside shown to have little potential, cotton traders took note of soaring gold, crude oil and grains along with weakness in the US dollar.

Prices began to edge higher in early trading with a slow careful rise at first but when key technical indicators were tripped, cotton prices exploded for two cents in a matter of minutes. As pointed out on the Ag Market Network last week, the markets vulnerability seems to be to the upside regardless of the bearish fundamentals.

By mid morning Friday prices were at their best levels since May 1st. Cotton prices held steady for the balance of the session and closed on a very firm note. While bullish options strategies help propel cotton prices Friday, it was also option related selling that prevented July from making new highs for the month.


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