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New York cotton futures continue gaining
19 Dec '08
4 min read
So where do we go from here? We are still more or less in the same situation as last week, with the AWP dictating how far the market can stray on either side. For the coming week the AWP is set at 36.17 cents, up 65 points from the week before, whereas the daily rate is probably at around 36.70 cents tomorrow. In other words, we still do have a slightly higher trending AWP at the moment and this is preventing the market from selling off too much despite the lousy business conditions we are witnessing. It will take a break in the AWP to open the door for lower values in the futures market, but at the moment we are not seeing that. With Indian prices holding relatively steady, it may take a while before the AWP is allowed to move lower.
Longer term the Fed decision is clearly inflationary, but it may take well into next year before the Fed's actions will be felt in the marketplace.
Longer term the Fed decision is clearly inflationary, but it may take well into next year before the Fed's actions will be felt in the marketplace.
Plexus Cotton Limited
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