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Plexus cotton market report

15
Jun '07
The market put in another strong performance this week, as bullish technical signals and new signs of life out of China led to active spec and trade buying.

The market action over the last two sessions looks quite impressive from a technical perspective, because yesterday's outside-day-to-the-upside in heavy volume and rising open interest was followed by an even steeper up move on record-breaking volume of 104'330 contracts (69'708 futures and 34'622 options).

Last Friday's spec/hedge report showed that spec shorts covered a further 14'866 shorts last week, while spec longs somewhat surprisingly reduced their position by 6'249 contracts.

This may have been in connection with the liquidation of July, as some spec longs were probably not ready to pay the six cents premium to December in order to stay invested.

Overall, spec longs amounted to 10.6 mio bales as of last Friday, while spec shorts still had 7.8 mio bales on their books, which put the net long position at 2.8 mio bales or 13.1% of open interest.

Meanwhile, trade longs were down by 5'111 contracts last week, while trade shorts added a further 3'506 contracts, giving the cotton trade a nearly 13.0 mio bales net futures short, most of which is of course against long cash positions or unfixed on-call sales.

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Plexus Cotton Limited


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