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ECOM daily cotton markets recap

Feb '07
Traders arrived to their desks this morning to find the electronic market kick started into gear, bouncing some 25 points over the 53.00 cent support area where prices had closed last evening.

This was to be a bit of a sucker play once the open outcry opened however, as the first offers in the pit were around 52.80 in March, and from here prices absolutely cascaded once again after the re-opening as March quickly slung its way down to the 52.00 areas amidst a large dose of fund selling.

Funds were reportedly large stop sellers in both March and May, whilst there was also an extraordinarily large amount of commercial bearish options activity. In particularly one large Memphis merchant was a buyer of 3,500 May 53 strike puts for 175-205 points.

Around the 52 cent mark in March though there appeared a lot of commercial support, through both fixations as well as profit taking and option quotations. A bounce of this level did two things, it prompted a short covering rally in March as well as a real tightening of the March spreads, with the March / May moving all the way into the 30 mark at one point, having begun last week with 100 premium.

Prices rallied all the way back to unchanged before easing back at the tail end of the session to close some 50 lower in march by the end of the e-session and 94, 87 and 74 lower in May, July and December. Volume was again massive and spread dominated, with an estimated 55,516 pit and 8,407 screen contracts trading. This morning's US export sales and exports saw reasonably strong export sales of 246,700 combined upland and Pima running bales as well as lousy shipments of 180,300 running bales.

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