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Cotton futures for new season dip sharply
Jul '11
After prices had crashed at the end of the trading month July, the ICE futures for the new season decreased strongly as well.

In general the subsequent reasons were given: Fears of a dropping Chinese import demand, the cancellation of contracts in the USA, high yarn stocks and the crisis of the Euro.

The pressure on the prices was therefore caused by a lack of demand in the first place; perhaps the favourable news from the cotton producing countries contributed to this.

Following this development the prices for nearby deliveries declined comparably arousing limited demand for near dates as well as for the new crop until the new calendar year.

Yet, the unexpected and incalculable development of the New York cotton futures and the beginning of the firm holidays finally led to a wait-and-see attitude of the spinners and pure market observation.

The following medium staple cotton was traded: USA EMOT for prompt delivery. Argentina for prompt and the 2nd quarter 2012. Central Asia for the 3rd quarter 2011. Spain for the 4th quarter 2011. West Africa cotton for delivery in the 4th quarter 2011 and the 2nd quarter 2012.

In the LS/ELS-range, contracts were closed for USA SJV Acala, Israel Acala rgd. and Israel Acalpi for prompt. US Pima was sold for the 3rd quarter 2011.

Bremen Cotton Exchange

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