Open interest in ICE soft jumps as bargain hunters lurk

Cotton open interest rises to 2 year peak

By Marcy Nicholson

NEW YORK, Feb 7 (Reuters) Open buy canada goose jacket interest in sugar, cotton and cocoa, some ofthe worst performing commodities in 2012, have soared in the first five Canada Goose Coats On Sale weeks of the year as traders and speculative investors seek out bargains hoping for uk canada goose big returns, traders and analysts said.

softs have been one of Canada Goose Outlet the worst performing asset classes that we seen over the last twelve months, said Spencer Patton, founder and chief investment officer cheap Canada Goose of Steel Vine Investments in Chicago.

probably seeing fairly decent value players start to try to catch a bottom in coffee buy canada goose jacket cheap and sugar. They both right near their lows for the year.

Total open interest in raw sugar futures jumped by 0.9 percent to 848,677 contracts on canada goose factory sale Feb. 6, the highest in three years, ICE data showed on Thursday.

The benchmark canada goose coats on sale sugar contract finished 2012 down 16.3 percent, marking its second straight year of decline as canada goose clearance sale the market faced its third straight surplus year. On Thursday, it closed down 0.03 cent at 18.16 cents per lb, up just a touch from last month Canada Goose Online 2 1/2 uk canada goose outlet year low at 18.06 cents.

Speculators are still holding a large net short position in sugar canada goose store futures and canada goose coats options at 64,774 lots in the week to Jan. canada goose uk outlet Commodity Futures Trading Commission (CFTC) canada goose uk black friday first made the data available in 2006.

Arabica coffee futures, which finished 2012 down nearly 37 percent, the biggest decliner of 19 commodities on the Thomson Reuters Jefferies CRB index, also faces plentiful supplies. The second position contract is hovering just above the 2 1/2 canadian goose jacket year low reached in December at $1.4220 per lb.

On Feb. 6, total open interest rose for the fourth Canada Goose sale straight day, rising 1,827 lots to 164,601 lots, the highest since August 2010, ICE data showed.

it the expansion of new shorts or initiation of new positions canada goose black friday sale by value buyers, it starting to indicate that a low is near, Patton said, referring to the rising open interest.

Speculators are also holding a large net short Canada Goose online position in arabica futures and options.

In cotton futures, Canada Goose Jackets a market in which speculators are holding a large Canada Goose Parka net long position after the benchmark contract recently reached an 8 1/2 month high, open interest is also soaring.

get their money from equities and equities have been strong. They have to put it in some commodity, said John Flanagan of Flanagan Trading.

look at cotton and say: the stock market is strong that means industry is good, so let put some money in.

On Wednesday, open interest in cotton futures rose for the eighth straight day, up 1,429 contracts to 214,167 contracts, the highest since February 2011.

is cheap, relative to other commodities. The index funds always want to be long cotton canada goose uk shop a certain percentage, said Jobe Moss of cotton traders MCM Inc in Lubbock, Texas.

of them rebalance and they made so much money in grains, they pour money into the cheapest thing that under weighted.

Cotton was the third weakest performer on the CRB, falling 17 percent from the previous year as the market struggled with oversupply.

Open interest canada goose clearance in cocoa futures recently canada goose hit a record high exceeding 210,000 lots on Jan. 30, but have since declined by nearly 4 percent, reaching 202,554 lots on cheap canada goose uk Feb. 6.

The small frozen concentrated orange juice futures market was the odd one out on the softs complex, with open interest inching down by 109 lots to 21,059 lots in the previous session, up nearly 5 percent from the nine month low reached on Jan. 24 at 20,118 lots.