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CIF Bremen Cotton Index declines this week
21 Nov '14
2 min read
The CIF Bremen Cotton Index and prices of cotton for near dates have tended to decline in the reporting week.
Yet, the fluctuating range and fall in quotations for available cotton, was weaker than that of the futures for December.
“Assumedly technical reasons were mainly responsible for the inconsistent picture in New York, with the First Notice Day in sight”, the Bremen cotton report reveals.
“The futures development and diverging price ideas between trade and industry disconcerted market participants,” the report informs.
Nevertheless, need for cotton for the first and second quarter of 2015 was evident in the market, while cotton spinning mills are postponing larger purchases hoping for quotations to drop further.
However, spinning mills placed orders for necessary amounts for prompt deliveries and the period after the company holidays.
Contracts for near delivery came from European stocks in the medium staple range and mostly referred to Pima-varieties in the long and extra-long staple range.
Contracts were concluded in medium staple cotton from Greece for the fourth quarter of 2014 and first quarter of 2015 and from Central Asia for the first quarter of 2015.
In long and extra-long staple cotton, contracts were concluded for Giza 86 for prompt delivery, US Pima and Israel Pima for prompt and up to the first quarter of 2015. (AR)
Yet, the fluctuating range and fall in quotations for available cotton, was weaker than that of the futures for December.
“Assumedly technical reasons were mainly responsible for the inconsistent picture in New York, with the First Notice Day in sight”, the Bremen cotton report reveals.
“The futures development and diverging price ideas between trade and industry disconcerted market participants,” the report informs.
Nevertheless, need for cotton for the first and second quarter of 2015 was evident in the market, while cotton spinning mills are postponing larger purchases hoping for quotations to drop further.
However, spinning mills placed orders for necessary amounts for prompt deliveries and the period after the company holidays.
Contracts for near delivery came from European stocks in the medium staple range and mostly referred to Pima-varieties in the long and extra-long staple range.
Contracts were concluded in medium staple cotton from Greece for the fourth quarter of 2014 and first quarter of 2015 and from Central Asia for the first quarter of 2015.
In long and extra-long staple cotton, contracts were concluded for Giza 86 for prompt delivery, US Pima and Israel Pima for prompt and up to the first quarter of 2015. (AR)
Fibre2fashion News Desk - India
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