Calm Business

The volume of contracts for Medium and LS/ELS qualities was low in the reporting week. The quotations for March in New York and the Cotlook A Index indicated no clear direction. The market participants remained cautious in view of the quotations. With still strong price fluctuations up and down in New York and firm prices for deliverable cotton a 'wait and see' attitude dominated. The news about some of the next available crops referred only to small quantities left free for sale. Offers from origin were rare and got at high prices only. Demand of the producing industry is still existing, but was basically limited to cotton for prompt delivery or for first quarter and the beginning of second quarter 2011 to fill up own stocks until the expected arrivals of new crops.

In the medium staple range were reported single contracts in West African, Central Asian and Spanish cotton for prompt delivery and first quarter 2011, West African qualities also for second quarter 2011. Greek cotton was traded for delivery first and second quarter 2011.

In the LS/ELS range US-Pima for prompt delivery and Giza 86 for end of the first quarter 2011 were sold.