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NYF cotton trades sideways this week
21
Mar '09
NYF cotton traded sideways this week, and today's session ended the week with 125 points gain in May contract and 107 points gain in July contract. Overnight ICE opened firmer and decent gain was posted supporting by good volume just 30 minutes prior to Chicago grains open.

Analysts say that short covering in futures hit the screen once May contract broke though the 44 cent level. Although trading turned quiet in the late session, May contract managed to settle positively above 44 cents, and the technical picture has improve over the course of the week.

Open interest continues to rise this week and is now above 130,000 contracts. As per charts on page 2, the trader's commitment reports show that non commercials have increased their long positions while commercials have increased their net short positions.

Dollar index took a break and regained part of the sharp losses from this week's trading. However, since the actions taken by Fed could trigger more inflationary pressure in the country, the dollar could weaken further against other currencies, which in turn, could provide support to the commodity prices.

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