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Narrow trading in cotton market
19
Mar '09
Wednesday early morning trading was slow, which set up a narrow trading range of 30 points in NYF cotton. Prices dropped during the late session influenced by the weak outside commodities market. We are still holding the sideways trading range between 40 to 45 cents basis May 09, and volume picked up when some bottom picking came in at today's low.

Cotton eventually traded off the low and closed at around today's mid range. Open interest is steadily rising, but we will need more positive news to be able to break through the upper limit.

Amid the AIG hearing, the stock market saw some fireworks after Fed announced that the interest rate is kept unchanged and that it will buy Treasurys to help open up the credit market. Dow Jones index rallied to trade well above 7,500 in response to the news, and the dollar index dropped sharply to under 85. The sharp loss in dollar index should help push the commodities prices higher.

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