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ECOM daily cotton market recap - Feb 5, 2007

Feb '07
Another weekend of little physical activity greeted traders this morning, however there was some early firming in prices on the screens which again opened at 7.00am EST this morning.

Perhaps as a follow through to a lowered NCC planted acreage estimate, or perhaps from some late export bids were the drivers, but by the opening of the pits, the March was up some 35 points.

Prices continued to firm as the session progressed into the open outcry, with Dec 07 being one of the main beneficiaries of what many predict will be the largest acreage estimate of the year. March continued to gain significant ground on May and July though, with the March / May spread trading in as narrow as 60 points at one stage.

It certainly appears and is heavily rumored, that there will be more than one large commercial taking deliveries on the March contract.

Still with 91, 270 lots of open interest and nearly 100% of that position index fund longs, we can expect to see some resistance on this spread as the index funds rudimentarily roll their way out of long Marches.

Options activity was fairly friendly today, with a notable trade being the purchase of 1800 march 55 calls for 20 against selling 1200 of the Dec 55 puts for 180.

The electronic screen continued to make some headway on the open outcry session today, and despite the poorly executed release of the system from the ICE, the transition has been a welcome one. In particularly the Europeday and the tail end of the Asian market can experience live trading on the platform and are as such starting to utilize it.

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