NY futures are on a rally and physical prices are following.
Justifying the ones who were talking about low cotton stocks this season and consequent support on prices; Greek prices with the help of intense demand are strongly following the NY future's rally. In the beginning of the week new sales were concluded at levels of 74-76 usc/lb FOT depending on quality terms. Buyers were some international merchants, Egyptian and Turkish spinners. After the latest future's rally ginners increased their offering levels and most traditional buyers of our crop followed.
As a result several new sales were reported at prices of 77-78.50 usc/lb FOT for the high end HVI 41. Also some Turkish spinners passed even higher bids (172-173 usc/kgs FOT) absorbing quantities for prompt shipment.
The remaining stocks are now calculated at about 40,000 tons while the new crop will be available in seven months...
Regarding new crop business there is not much to report as ginners are focused on current crop's rally and are not in a hurry to commit volumes. About 2,000 tons has already been sold basis Dec 10.
Kind regards