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ECOM daily cotton market recap - Feb 6, 2007

Feb '07
The electronic market started out trading a little firmer early on this morning, although the new crop December began a little lower albeit on one early tick.

Overnight business was scarce, so it appeared early to be much of the same of late, especially with an unchanged call on the open outcry market. The notable appearance of early trading was that again the bulls were in charge of the March / May switch.

Indeed it appears that the commercial trade are willing to sacrifice a piece of their cash and carry from December through March in order to avoid what appears to be a minor squeeze on the heavily discounted March delivery.

Despite this order flow of buy March / Sell May, by the mid session prices started eroding more than just 20-30 lots where they had hovered, with notable spec selling noted.

Indeed much of the grain complex was lower today and there could have been some related selling, but there were a few prominent funds that bludgeoned prices down, eroding all of yesterday's gains.

Indeed by the end of the open outcry session the active months had lost near 1 cent across the board, having run sell stops beneath the 54.00 cent area basis March. Following the electronic close, there were hefty losses of between 98 and 120 on the active contracts.

The E screens continued to attract a lot of interest, with closing volume of 6,369 lots compared to the open outcry volume of 25,068 lots.

This morning's spec hedge report indicated a slight short position for the specs, moving in from 2.2% to –1.1%. For the week the specs added 4,727 longs and added 11,409 new shorts, taking their net position from 4,091 lots to –2,091 lots. Of interest is the markets total open interest, which has continued to set records, yesterday at 194,606 lots.

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