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HECOT weekly cotton market report

Jan '07
Low activity in the Greek market while ginners are concerned about USDA report. Still there are not many things to report on the Greek market.

Ginners maintain their high asking prices (about 59 c/lb FOT) while international merchants as well as spinners are not willing to follow these levels. We heard only of a domestic spinning mill that bought about 5,000 bales of certified fibermax at relative high levels.

Due to the crop reduction this year even the domestic sales appear to be impressive in the market, whereas in previous seasons we were hardly hearing such info.

Apart from this business there is hardly any new sale. Only some small quantities of about 100-200 tons to Turkish spinners at levels of 128-129 c/kgs FOT for the average Greek quality.

During this season the Turks seem to being covered by alternative origins such as Turkmenistan or Indian cotton, which are lower in price. It will be interesting to see what will be their reaction as soon as the Turkish cotton will start getting limited and costly.

Quantity wise, during the last two weeks ginners have been taking delivery of warehouse seed cotton at obviously high prices. The latest estimates indicate available balance for new sales reaching about 120,000 tons.

We need a NY futures increase in order for the Greek market to open and ginners sell their lots. At the time being their target price (59 c/lb) cannot easily be reached either on fixed or 'on call' pricing.

Thrakika Ekkokistiria S.A.

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