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Home / Futures Blog / Cotton has best week since Summer 1971

Cotton has best week since Summer 1971

December 3, 2010 by Daniels Trading

Restriction of cotton supplies from the world's second-largest exporter of the soft commodity are sending the fiber toward the biggest weekly gain in almost four decades, Bloomberg reports.

As part of an effort to stabilize domestic prices and boost supply, India restricted cotton-yarn shipments at 720,000 metric tons for the year starting October 1, the Asian subcontinent announced on Wednesday. India trails only the U.S. for cotton exportation.

Thus far this year, cotton futures traded in New York have skyrocketed 75 percent. In November, they struck a record amount, which is partially attributable to India's refusal to export enough of the fiber to accommodate increasing demand from various sites in the world.

"India is unreliable," Keith Brown, president of a Moultrie, Georgia brokerage, told Bloomberg. "We haven't solved any kind of problem."

Cotton for March delivery scaled 4.7 percent to $1.3234 per pound shortly after 10 a.m. in New York. That increase was the maximum six-cent limit and converts to an 18 percent gain this week, its largest since July 1971.

The soft fiber has "seen a lot of bullish news with these problems in India this week, and we had some good exports sales last week," Jack Scoville, a vice president at Price Futures Group Inc. in Chicago, told Bloomberg.

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This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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