Daily Market Report : March 15, 2010
INDICATIVE FIXED BALE PRICING OPTIONS - March 15, 2010
| 2010 | 2011 | 2012 |
|---|---|---|
| 78.47 | 74.58 | 75.20 |
| $431 | $428 | $448 |
All cotton contract offers based on Middling 1-1/8" (31-3, 36) 3.5 - 4.9 Mic, 500 lb/Bale, Ex-Gin
14 Day Payment Terms
All prices quoted are exclusive of GST. This report is prepared from information supplied to Queensland Cotton. No responsibility is accepted by Queensland Cotton or its employees for the accuracy of the report. Basis quotes may differ from the cash price basis equivalent.
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Cotton prices rallied sharply on Friday night buoyed by a weaker US dollar, better than expected retail sales figures, and improved export inquires. Interestingly, Friday nights rally erased Thursday nights losses plus a tad more. Otherwise, outside markets were mixed with crude, gold, corn and beans all lower. While Fridays rally was impressive, cotton still lost nearly 200 points last week. Nonetheless, the recent price action appears to be in some sort of correction of the steep February advance with bulls still holding on to the tight balance sheet and uncovered demand as best reasons to stay long.
Markets moving sideways last week, with small gains for Wall Street over the week although hardly inspiring moves. Aud/usd holding between .9100 - .9200 for the most part, strongly supported on each dip towards .9100/10 and running into a wall of sellers on each move towards .9180/00. The topside was tested again on Friday night to .9195.