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ECOM daily cotton market recap - Jan 18, 2007

Jan '07
No new fundamental news for Cotton with the delay of the export report, though with underlying strength in the overnight grain markets, there was expected to see a firm bid early on. The opening call of 20 higher turned into a 30 lower actual opening as funds were seen as keen sellers early.

The March attempted an early recovery towards unchanged, however this was never to be as we saw an increased involvement from the hedge funds on the short side. Upon checking the screens, we noted that crude oil and the energy complex were down heavily, with Crude nearly $2 per barrel lower for much of the day. Cotton continued to languish with this spill over effect, though it must be noted that some discretionary funds were actually very good buyers on the way down.

Options activity was very active today; including what could be a co-op buying up to 2000 of the Dec 75 calls for 65 points. A larger commercial was seen underwriting much of this trade. Another commercial outfit was seen selling up to 1000 of the December 62 calls for 3015-315 points. In the end futures settled weaker, but off the lows with active month losses of 15 points in Dec through to 53 points in March. Estimated volume was sharp at 17,500 lots.

The weekly US export report has been delayed until Friday am as a result of the public holiday on Monday. Very little US business has been reported, though we have heard that a large multi-growth sale of US MOT into China took place last week which could register as many as 40,000 bales into China.

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