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Cotton markets rebound, but excitement missing
25 Feb '09
1 min read
We finally got a good bounce in the stock market, but the commodities still look to be cautiously friendly. We have seen several dead cat bounces in the equity markets so this one is hard to get too excited about.
After so many down days, we were due for a bounce, but the fundamentals and technicals do not support this low holding. Cotton volume remains light as there is some hand to mouth buying being done on the dips.
Export sales should be good this week, but world prices remain soft as more new crop starts to find its way into the market. There does not seem to be anything very bullish out there so would not be surprised to see more testing of the lows as we try to build a bottom in the equity markets.
Demand and consumption feel very weak as we try to decide how much new crop acreage will be cut for cotton. For now, the K'09 feels weak and will struggle to move higher unless the stock market builds strongly on top of today's gains.
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After so many down days, we were due for a bounce, but the fundamentals and technicals do not support this low holding. Cotton volume remains light as there is some hand to mouth buying being done on the dips.
Export sales should be good this week, but world prices remain soft as more new crop starts to find its way into the market. There does not seem to be anything very bullish out there so would not be surprised to see more testing of the lows as we try to build a bottom in the equity markets.
Demand and consumption feel very weak as we try to decide how much new crop acreage will be cut for cotton. For now, the K'09 feels weak and will struggle to move higher unless the stock market builds strongly on top of today's gains.
Click here to view more:
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