Needs of cotton supply for near dates

17 Jan '08

2 min read

Cotton business developed quite uneven during the first full trading week of the New Year. Inquiries by the spinning mills showed still existing gaps in supply for the first quarter 2008 and some satisfying quantities were realised. However, who decided to wait for the crop estimate in the hope on falling prices, was confronted with "limit up" in New York and further rising quotations.

Compared with the week before, the quotations were over 200 points higher. The price level in the countries of origin was already firm before and now supported by the development. Consequently, further business in the local market came to a standstill for the time being.

In the Upland range were turnovers registered in Central Asian sorts for the 1st and 2nd quarter 2008; Greek descriptions for prompt loading and further in the 1st quarter 2008; Ethiopian cotton for the 2nd quarter 2008; West African types for prompt, further in the 1st and 2nd quarter 2008, as well as Brazilian Mato Grosso ex warehouse Bremen.

In the ELS/LS range contracts were concluded in Egyptian GIZA 86 for the 1st and 2nd quarter 2008, GIZA 88 for prompt and for the 2nd quarter 2008; Israel Pima for dates in the 2nd and 3rd quarter 2008 and USA Pima for the 2nd quarter 2008.

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