Demand Mainly Fixed on Near Sights
The persisting shortage of available cotton made larger transactions difficult during the week under report. The prices for physical cotton remained high, also when the quotations in New York showed a short but heavy dip. Only the enquiries from spinners´ side were reduced in the expectation of falling prices. A small relief came from the more favourable par value for the buyers in Euro. The main focus lay on the crops expected at the earliest, from Greece and from Spain, where contracts closure were also reported. However, one must pay attention to the logistic feasibilities with regard to the earliest shipping terms. In the fine/extra fine range was traded what was offered, also at high prices - probably with a view on their supply and quality situation.
In the medium staple range new contracts were registered in West African styles for prompt, for the 4th quarter 2010 and for the 1st quarter 2011. Greek and Spanish descriptions as well as CIS cotton were traded for the 4th quarter 2010.
Business in fine/extra fine cottons comprised contracts in US Pima for prompt and for the 1st and 2nd quarter 2011, as well as Egyptian GIZA 86 and 88 for the 4th quarter 2010.