Morning markets: CRUDE 112.11 +0.77%; COTTON 95.58 -0.11%; BDI 1105 -7.38%

Cotton prices were broadly unchanged after the USDA published its estimates for 2011 crop production yesterday and revised cotton production down by 1%.

Crude prices rose following increased tensions in Nigeria due to strike action. At present no crude output is affected.

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Chart of the week: lower risk exposure by French banks not causing investors in commodity houses to panic just yet.

Chart courtesy of Reuters.com

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Friday links

– Cotton prices. Are they in for another trouncing in 2012?

– Chinese aluminium smelters may idle one-third of their capacity in 2012.

– Commodity markets braced for a headwind?

– UK recession and aftermath now longer lasting than the 1930’s.

– In defence of the golden parachute.

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