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Cotton market remain stagnant due to lack of demand
23
May '08
Overnight ICE opened at around unchanged level and started the Thursday session with light volume in early morning trading. The early options pit saw good amount of inquiry but relatively lighter activity. The intra day low at 71.58 basis N'08 was created after the mediocre USDA export report was released at 8:30am NY time.

Trading started picking up after a generally weak re-open in Chicago grains market as well as a pull back in crude oil, which provided direction for the cotton market. Despite the friendly options done in the pit such as 1,400 contracts N'08 68/75 strike price call spreads, the market slipped under 70 cents, a good support level where sizable buy orders were placed.

N'08 continued trading around the 70 cent level, but successfully closed under, with 69.81 being last traded electronically. As crude oil June futures went off board yesterday, the July price came into play and immediately posted above $134 per barrel yesterday and above $135 today, the perfect time to spike up the gas price before the memorial weekend.

As the debate goes on regarding whether there's shortage in oil supply, the farm bill is currently in a confusing status as the president vetoed the bill which was missing 34 pages. The complete bill is to be re-submitted with the anticipated veto by the president.

This week's export report saw decrease in both sales and shipments. Total new sales posted 197,700 bales with the major buyers being China, Mexico and Thailand. Total shipments were 268,900 bales.

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