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Wait & watch attitude in cotton market – Bremen
11
May '12
Bremen CIF Index reports that the slackening of the ICE-futures has accelerated within the course of the reported week. According to reports the decrease of the New York Cotton Futures was caused by sales of investors in the first place, in addition to news on abolition of the Indian export ban.

The effects of the new long term projections of the USDA concerning worldwide production as well as new season prospects are not expected until the end of this week. Due to further uncertainty regarding the progress of the debt crisis following the European elections the US-dollar rose.

Rather firm prices as well as an undetermined price development sustained the wait-and-see-attitude on the domestic market. Since yarn and apparel also registered rather firm prices and only limited turnovers, these production stages also sent hardly any impulses. Demand from the first stage of processing was not noteworthy and contract negotiations difficult. The spinning industries only purchased the most necessary cotton for near dates.

Medium staple qualities from Argentina, Brazil, West Africa and Central Asia were traded for prompt delivery. Contracts for Central Asian high grades and Indian cotton were closed for the 3rd quarter 2012.

Immediate need for long/extra-long staple cotton was satisfied by USA Acala rgd and Israel Acalpi.

Bremen CIF Index

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