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ECOM daily cotton markets recap - March 6, 2007

Mar '07
Cotton futures began looking 20-30 higher on the electronic exchange this morning following some widespread export demand overnight based on yesterday's flat price sell off. The actual opening and reopening in the open outcry saw prices quickly jump to 53.60 where they literally sat in May the entire day.

There is little else to the discuss on what was one of the more boring sessions in recent memory—basically a 10-15 point trading range for the entire day. With a lack of participation the spreads all narrowed from May through December inclusive.

Options activity again revolved around one of the largest merchants slapping May volatility, selling near the money calls and puts for May vol to move into the 15.75% area which appears overdone despite the lack of outright trend. Prices closed where they were all day long, for gains of between 15 and 54 on the active months. Estimated volume was expectedly light at 7,666 lots.

This morning's spec hedge report indicated a much larger shift in the spec position than first expected. The specs have reduced their net short position from 7.5% to now being 0.8% net long. This swing represents a 16,642 contract shift in the spec position, mostly as a result of short liquidations which were down 12,705 lots.

March Notices have been quiet of late with seeing 63 lots delivered from JP Morgan to Term Commodities. With March open interest still at 2,030 lots there will likely be a surge of notices issued towards the end of notice period which ends March 15th.

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