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Cotton business remains slow & rather silent

Feb '07
Thrakika Ekkokistiria S.A. releases HECOT Weekly report 16th Feb. Still not many things to report even though some ginners have reduced their asking levels.

Cotton business in Greece remains slow and rather silent. As our market is not so active lately, ginners are asking prices which many times appear to be on the very high side.

In cases that the potential buyer is in great need of cotton the business is concluded but usually for small quantities (100-200 tons).

In the meantime, ginners who are not so financially strong and probably are in need of cash flow seem ready to offer some of their stocks at more realistic prices.

The majority of Turkish and Egyptian spinners are keeping a wait and see reaction endeavoring that prices will fall a bit more. Referring remaining stocks ready for sale, according to several sources it seems that we reach about 110-120,000 tons.

Of course most of these stocks stand at the range of HVI low 41 to high 51 color grade. To be more specific, here is were we stand at the moment:

320,000 tons:
Total Lint Production
- 80,000 tons: Domestic Consumption
-120,000 tons: Already sold (merchants + direct)

120,000 tons Available balance for sale

These 120,000 tons sales can be analyzed according to their destination as follows:

40,000 tons Turkey
40,000 tons Egypt
30,000 tons Pakistan, Indonesia, Korea, China and Japan
10,000 tons Italy and Bulgaria

Price wise, most of the ginner's ideas are about 'even' to 100 pts ON DEC 07 for the average Greek quality. In terms of fix prices, we are ranging from 57 – 58,50 c/lb depending on the quality offered.

Thrakika Ekkokistiria S.A

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