Increased Demand for New Crop
The trade reported that the demand for new crops was on the rise. While the Far East was primarily interested in near dates in the Upland range, European business was mostly done for longer terms. Some spinning industries, however, have kept off because of the daily increase in cotton prices since yarn prices apparently do not seem to develop upwards like cotton prices. Others still ordered for September/October provided that raw material was available. In the long staple range near dates dominated the contracts.
Upland range: West African descriptions were sold for near dates as well as the 1st and 2nd quarter 2011. Furthermore contracts were closed for cotton from Russia, Central Asia and Syria for near dates.
Long staple range: The demand was satisfied by US Pima for near dates up to the end of the 4th quarter 2010, Israel Pima for the 4th quarter 2010 as well as the 1st quarter 2011 and Egyptian Giza 86 and 70 for near dates