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NY futures drops; mills remain withdraw from market
30 Apr '11
4 min read
So where do we go from here? Although physical demand is still nowhere to be seen, there are some hopeful signs that support may not be far off. New crop futures should hold given the current weather situation and this in turn should help out July. Once mills are seeing some stability in NY, they may finally step forward and start fixing some of their remaining 2.7 million bales in on-call sales.
Also, after open interest has dropped by some 45'000 contracts over the past three weeks, a lot of the liquidation seems to be out of the way for now and traders will become more cautious in selling the market below 150 cents. And then there is the US dollar, which continues to get hammered and that should also lend some support to commodities.
Also, after open interest has dropped by some 45'000 contracts over the past three weeks, a lot of the liquidation seems to be out of the way for now and traders will become more cautious in selling the market below 150 cents. And then there is the US dollar, which continues to get hammered and that should also lend some support to commodities.
Plexus Cotton Limited
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