The New York December contract as well as the Cotlook A and CIF Bremen index followed this speedy price development only in small steps.
Prices demanded by the origin for nearby delivery respectively up to the expected shipping months of the new crop and taking into account the development in New York have not been accepted on the local market in general.
These price ideas were encountering processing industries that acted rather doubtful and indecisive due to the development of the prices and that were apparently sufficiently covered until the company holidays. Therefore a wait-and-see attitude prevailed. Only a small amount of limitedly available cotton varieties was sold predominantly for prompt delivery.
In the medium staple range contracts were closed for cotton from West Africa and Central Asia for prompt delivery, from Izmir (Turkey) for the 3rd quarter 2012 and from Greece for the 4th quarter 2012. US-Pima cotton was sold for prompt in the ELS-range.
Bremen CIF Index