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Home / Knowledge / News / Textiles / Cotton rides wave of buying

Cotton rides wave of buying

17
Apr '08

Wednesday session reminded us all how volatile this market can be. A positive open took the futures market to 120 points higher even before the options pit open. As early morning options activities were mixed, cotton was riding the wave of buying in crude oil and grains. NYF managed to regain part of the loss to around unchanged level, before it sank 200 points one hour later.

So what has taken cotton to the current price level under the bearish fundamentals? A combination of factors: a weak dollar, the lower interest rate, the stagflation economic situation, an overall strong commodities markets in energy, metals and grains, and the need for cotton to compete for acreage with other agricultural commodities.

As fundamentals will eventually play a role in the market direction, in the short term, we'll definitely have to look at outside markets for clues.

The sharp drop in the dollar index made yesterday's marginal gain looked like nothing. The dollar euro exchange rate sank to a record low on Wednesday, which might negatively influence the inflationary picture in Europe. Crude oil was indeed on a wild ride (continuous chart on page 2 in attached PDF).

With a friendly early morning trading to touch the mid $114 level, it retreated a dollar lower before the big spike emerged on concerns of supply and demand. The bullish supply and demand report took crude oil to approach $115 for the first time. As it went higher quickly, it came down just as fast to touch today's low at $112.19. It eventually settled at $114.90.

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