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Bremen cotton index remains firm (Germany) |
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2012-5-25
Bremen CIF Index reports that the New York Cotton Futures as well as the Cotlook A Index continuously decreased during the course of the reported week. The Bremen CIF Index, however, remained firmer following many quotations from the origin where offers have become limited concerning high grade varieties interesting for the local market; especially prompt delivery turned out to be difficult.
Enquiries from the processors existed. Fitting lots of many origins satisfied mainly immediate need, even more, when orders for production were on hand, and even though sometimes concessions relating to quality had to be taken into account.
Yet, the current price level was checked as well. Due to the latest USDA crop estimates lower prices are expected for the next season, despite all uncertainty because of the published figures. In general, the interest in long-term contracts was limited considering the turnover which had taken place. Cotton was only purchased for satisfying the need until the company holidays or right afterwards.
Present yarn stocks as well as the continuous settlement of old contracts brought forward the constant wait-and-see-attitude.
In the medium staple range cotton was sold from Greece and Spain for the 2nd quarter, Brazil and USA EMOT for the 2nd to 3rd quarter, Central Asia and Paraguay for the 3rd quarter and West Africa for the 2nd and 4th quarter 2012.
The LS-/ELS-range registered sales from Spain for the 2nd quarter, Sudan Barakat, Israel
Pima and Acalpi as well as Giza 86 and 88 for the 2nd and 3rd quarter 2012.
Source:Bremen CIF Index
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