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Cotton prices firm up on support from Far East
27
Apr '12
Bremen CIF Index reports that the cotton market business was defined by the New York July futures. Cotlook A and CIF Bremen Index followed this development and remained predominantly firm. Since the trade for May will end soon, the price development might have been aroused by moving positions from May to July; moreover supported by demand from the Far East and apparently limited availability of the old crop

Cotton merchants just registered a small number of inquiries on the domestic market. In general price ideas of the trade and processing industry broadly diverged and it was difficult to close contracts.

The old and high-priced contracts were continuously fulfilled so that low priced purchases for near dates or for closing supply gaps were of interest in particular. The trend for short term supply has held up and the sale of yarn stocks was given preferential consideration.

Cotton from Central Asia, West Africa and Argentina was traded for prompt delivery in the Upland range. Moreover contracts were closed for Central Asian descriptions for the 2nd quarter 2012 as well as West African descriptions for the 3rd quarter 2012.

Bremen CIF Index

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