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Egyptian cotton buyers still out of Greek market
16
Feb '08
During the week some new sales were reported for either crop 06/07 and 07/08. Some ginners taking advantage of the lower levels for CTN 08 sold at relative attractive basis July, while others preferred to sell small quantities at fix prices to Turkish mills.

The Egyptian buyers are still out of the Greek market and most ginners are waiting for the traditional Turkish clients to buy aggressively.

For the days, that cotton futures are traded between 67-70 c/lb, it seems that several ginners are trying to 'liquidate' some of their stocks whenever the market is paying over 71 usc/lb. When prices fall below 70 c/lb there are hardly any offers in our market, unless the usd / euro rate is in favor of the ginner.

It is more likely that in the near future (provided the NYF remain at similar levels) ginners will maintain this strategy and will appear even keener to sell if the usd strengthens.

In the meantime, cotton growers, in Thessaly area, are delivering at a very slow pace their seed cotton stocks. In most cases farmers are 'complaining' for low prices and re considering for altering cultivations in favor of wheat and corn.

Thrakika Ekkokistiria S.A.

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