Morning Market’s: CRUDE 113 +0.35%; COTTON 96.92 +0.02%; BDI -5.17%

Although crude prices fell in the wake of higher than expected crude stocks in the US, crude prices rose in Asian trading on increased geopolitical risks in Iran and Syria and strikes in Nigeria.

Cotton prices edged higher during Asian trading ahead of a report on Thursday from the US DOE that could point to tighter cotton supplies than expected.

The Baltic Dry Index continues to decline. The BDI may fall further following the force majeure announcement from Vale on 2 million tonnes of iron ore shipments.

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CRUDE 113.59 +0.26%; COTTON 97.01 +0.05%; BDI 1258 -3.82%

Brent crude rose in Asian trading on increased fears that Iran will disrupt oil supplies in the Strait of Hormuz, contributing to a risk premium of $4-$5 per barrel according to some market commentators. Further moves in the oil price are likely to be driven by noise out of Brussels and Washington surrounding the extent of any sanctions imposed against Iran. Watch out for the EIA’s release of US crude inventories today at 3.30pm GMT. A survey by Bloomberg suggests crude inventories are likely to show a 1 million barrel increase.

Cotton prices continued to increase driven higher by fears over India’s cotton crop to the highest settlement price since mid-November. Prices fell to $0.85/lb in mid-December and since then have increased by 14%.

The BDI continued to decline yesterday on post Christmas/New Year slow down in demand.

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CRUDE 113.09 +0.57%; COTTON 96.47 +0.03%; BDI 1308 -2.9%

Little market news driving Asian crude prices this morning; Brent WTI spread near record high of $20.

The Baltic Dry Index continued to decline yesterday and is down almost 14% over the past year on lower demand for grains and ore from China.

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