NY cotton slowly trades higher

10 Apr '09

1 min read

Thursday started on a friendly note when the better than expected profit announcement by Wells Fargo bank and reduced jobless claims number sparked the rally in Wall Street. The Dow Jones stayed strong and closed with a decent 246 point gain, which pushed the index above 8,000 ahead of the long Easter weekend.

NY cotton slowly traded higher during the session until the last 30 minutes, during when market activities changed the whole outlook of the day's candlestick picture. Volume was again big with spread trading dominating the session. Spreads came in further today with K'09/N'09 pushing for even at one point.

The weekly export report is decent with 256,000 bales in sales and 290,000 bales in shipments. A summary chart is attached on page 2 (attached PDF) of this report. Also shown on page 3 is the April supply and demand report.

Big changes were noted in the increase of US export outlook by half million bales and the increase in both India and China's ending stocks of a millions bales. While US ending stock was reduced to 6.7 million bales, the world carry out is at record high of 63.43.

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