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ECOM daily cotton markets recap - March 22, 2007

Mar '07
Electronic futures started out firm this morning, with May, July and December all starting out around 30 higher amidst the typical light volume. The higher than expected export figures served to enhance this beginning, so it was with little surprise that we saw futures open in the pit at the same levels.

An early run up to the 53.50 area was well sold by commercials, who continue to cap any rally with equity hedging. Prices spent the rest of the session petering out and losing gains, with notable activity mostly restricted to the options market and the spreads.

A fund was a buyer of 1000 of the Dec 65 calls delta neutral at 180-185, whilst another was a straight out buyer at the same prices. Trade were found on the other side of both of these trades. Another commercial later put the spurs into Dec volatility, selling these same calls down to 165 points, knocking a full 1.5% off Dec volatility for the session.

Spreads were actively traded, with the May / Dec widening out as far as 560 at one point, whilst the May / July found value around the 110 level. The market settled a little firmer on the day with active month gains of 6-10 points. Estimated volume was decent at 14,753 lots.

Again better than expected US sales and shipments, with new sales of 304,200 bales including upland and Pima. China was the majority buyer this week, accounting for 115,200 bales. Shipments were decent at 241,200 bales with Turkey, Mexico and China the largest recipients.

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