World trends do not follow fall in New York cotton futures

18 Sep '08

2 min read

According to merchants reports upland-quotations fell on the New York Futures Market during the reporting week due to turbulences on the financial markets, however several countries of origin did not follow this development.

Some traders experienced a quite positive week, while others described the number of enquiries and contracts as marginal, though, according to merchants' assessment, the mill need for the 4th quarter cannot yet be satisfied.

Enquiries for near dates prevailed and could partly not be met because of a lack of raw material just like during the previous weeks. Some traders fear this problem might accompany them until the beginning of next year.

Enquiries for the 1st quarter 2009 mostly did not lead to new contract closures, since spinning mills still hope for further declining prices. Demand and sales for ELS/LS-cotton increased marginally, although prices remained firm.

Upland: Several varieties from Central Asia were sold for near dates as well as the 1st and 2nd quarter 2009. Further need for near dates was met with cotton from West-Africa, Greece and USA. Moreover, contracts were closed for descriptions from Greece and USA for the 1st quarter 2009 and from West-Africa for the 1st and 2nd quarter 2009.

ELS/LS: Contracts were closed for Egyptian Giza 86 + 88 as well as US-Pima for delivery between prompt and the end of this year. Israel-Pima and Sudan Barakat were sold for near dates up to the 2nd quarter 2009.

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