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Greek cotton market update

16
Feb '07
INA S.A.: Greek Market Update for February 15 2007

Latest Figures
Estimated crop : 320.000 mt
Harvesting percentage : 100 %
Qualities left : 41-4 & 51 1-4
Estimated balance : 100-120.000 tons

Prices
Interest from merchants at the levels of 56-57 cents/lb for 51 cg .
Small demand from Egypt at 56.5 cents/lb

Sales
Total sold : 130.000 mt
Local consumption estimate : 70.000 mt (70-80% covered)
Left for Export after all the above : 100-120.000 tons
No major purchases from merchants were reported lately
Our traditional markets (Turkey – Egypt) are very slow
Although ginners see that they have to sell a percentage of their currents stocks they are very reluctant to large volumes sales and to the prices they are receiving demand

70% of the unfixed basis contracts rolled from Mar 07 to May 07 or July 07
Still no new basis contracts were reported.

Small lots of 200-300 tons are being currently shipped to Egypt.

We are expecting to see another 20-30,000 tons to be forwarded to Egyptian ports.

Some merchants are long of Greek cotton.

Thrakika Ekkokistiria S.A.


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