Clarity on available cotton stocks is not anticipated until December and concerns remained regarding the volumes of high-grade cotton that will be produced.
“The CIF Bremen index remained relatively stable during last week and inquiries were shaped by the hope of constantly decreasing prices,” the latest weekly report of Bremen Cotton Exchange reveals.
The report said, “According to reports, the yarn business remained difficult because of a continuous pressure on prices by imported yarn and spinners closed cotton contracts as per need.”
The need was covered by cotton from stocks or new crop with predictable availability at near dates and only few standard qualities far into the coming year.
The New York cotton futures as well as the Cotlook A Index declined slightly in small steps last week.
Since there was a lack of new fundamental data, the weather conditions in the worldwide planting areas stayed on track; yet noteworthy impact on yield is no more expected.
In medium staple cotton, contracts were concluded for; Spanish and Greek cotton for the fourth quarter of 2014; West Africa for prompt and up to the first quarter of 2015 and Central Asia for the first and third quarter of 2015.
In long and extra-long staple cotton, contracts were concluded last week for; Spanish ELS, Giza 86, Israel Pima and Giza 88 for prompt. (AR)
Fibre2fashion News Desk - India