Restrained Market

The quotations of the indexes CIF Bremen and Cotlook A remained almost stable recording only slight fluctuations. In New York, the price indicators for the old crop, the trading months May and July, came to the fore. Reports on continuously robust U.S. export data as well as further reduction of the estimated area in China have abetted the price stability. Yet, rather direct influence was probably generated by technical reasons like adjusting positions of index funds for March or May and a better development of cotton quotations in comparison to other crops. Yarn prices have remained predominantly unchanged restraining spinning industries from purchase due to high cotton prices on the global market and an expected price revision. Only immediate need was satisfied on the local market. Since prices of the old and new crop feature a difference, the spinners used the opportunity to close contracts for cotton early available from Europe like the week before. The total local business, though, remained restrained and the sales volume manageable. The continuous interest in extra-long staple cotton kept prices on a high level because quantities have been limited. The prospects for the new US Pima crop have been constantly uncertain due to water problems. In the long staple range, only prices for the Egyptian Giza 86 have decreased marginally.

Contracts were concluded for:

•Medium Staple Cotton:

Central Asia for prompt delivery, West Africa for prompt up to the 2nd quarter 2014, Greece andSpain for the 4th quarter 2014.

• Long and Extra-Long stapel cotton:

USA Pima for prompt delivery.