Eoin Treacy's view I have been watching the cotton market with interest over the last few months. Having unsuccessfully attempted to short at the wrong side of the top, I failed to participate on the way down. However, the market has returned to the 100¢ area which offered a region of psychological resistance between 1973 and 2010. Also see Comment of the Day on May 13th.

The inflation-adjusted downtrend has been broken and the 100¢ area may now offer support. Yesterday's upside key reversal was the first sign that demand is beginning to return in this area. I opened two equal sized positions today at 103.655¢ and 101.925¢ in the December contract including spread-bet dealing costs.

I placed a breakeven stop on my second silver position this morning at $40.40 against my purchase yesterday at 40.353. It was triggered this afternoon.