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Cotton futures market negative on Monday

30
Sep '08
NY December contract lost 214 points over the course of last week, and the trading volume has averaged at 13,000 contracts daily. Open interest has steadily decreased to around 203,000 contracts. As per the traders commitment report, non commercials further reduced their positions in cotton, but is slightly longer in the net position futures and options combined.

Commercials net position has also slightly gone longer. Index funds, on the contrary, reduced their net holdings in cotton by 3,000 contracts. Monday session started on a negative note, as market anxiously awaited the news on the progress of the bailout plan negotiation.

Stock market failed to recover the 300 point loss; crude oil was trading at more than $8 lower; Chicago grains were weaker overnight and on the re-open; and cotton December contract momentarily touched limit down. House votes on the bailout package came in at early afternoon, and to traders' shocking disappointment, the House rejected the bill and the stock market responded by plunging up to 705 points.

As crude oil dropped to $10 lower, cotton posted limit down with December contract traded synthetically 70 points lower. As this eventful day draws to an end, the market is deeply in thought as to what will happen next.

The U.S. economic picture is certainly not looking good with the bailout plan rejected by the House, neither is the global picture. The weak economic conditions are hitting Asia as well as Europe and there does not appear to be an end nearby. The fear of economic slowdown is worldwide and the commodity prices are affected accordingly. Today's market features weakness in the overall markets, grains and crude oil.

The usual safe heaven is not there for the investors, and only gold posted some gains, which is certainly not providing enough for the market. We're trading in the 50's range in a heart beat and demand should come in at this level.

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