The CIF Bremen Cotton Index remained overall firm and business stayed stable in the current week.
“Cotton contracts were mainly focused on long and extra-long staple range and prompt delivery up to the end of the current year,” the Bremen Cotton Exchange report informs.
The report says fundamental data of the updated USDA report remained relatively unchanged, except for continuously rising stocks that had been forecasted earlier, especially for the US.
Post the release of the USDA report, New York cotton futures that had fluctuated within a small range earlier, declined steeply for a short time, but returned to its previous level.
Development in New York cotton futures was followed by quotations at CIF Bremen index, albeit slightly weaker.
“Consequent inquiries from textile mills were with the main purpose, to know influence on quotations for common varieties from available stocks,” the report reveals.
Most potential purchasers continued to observe developments and did not enter into long-term commitments, hoping for further drop in prices.
In the reporting week, contracts in medium staple cotton were concluded for West Africa for prompt and the fourth quarter of 2014 and Central Asia for the first quarter of 2015.
In long and extra-long staple cotton, contracts were signed for Giza 86, Spanish ELS and Israel Pima for the fourth quarter of 2014. (AR)
