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Cotton market hit 10 week lows
21
Feb '09
Cotton hit 10 week lows today as the DJI tested 6-year lows as the economic forecast looks weak and is weighing on all the markets.

Even the USD fell hard today on some news from Europe but gold broke 1,000 USD/oz and showed that a flight to quality is not fading. K'09 reached 40.25, but the front month fell to 36.80 so we may have further to go before a bottom is built.

Sales overnight were very strong today as expected with 438k on new sales with 200k to China alone. Shipments are still sluggish and demand destruction is still hanging over the market even though new crop acres are estimated to be lower.

H'09 FND is Monday and we are not expecting a large amount of open contracts moving into the notice period. Cert stocks are growing so there is someone prepared to deliver if a stopper appears.

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