During the reported week the sharp rise of Futures in New York turned before going up again on Tuesday. Spinning mills were frequently testing prices, but at the local market quotations remained rather tight influenced by the weak Euro and the limited offers for attractive and deliverable qualities.
Opposite to the market outside of Europe the business was slow and contracts negotiated most of all for back to back. The turnover was concentrated on Central Asian and West African cotton for the 2nd and 3rd quarter.
Different the picture in Long- and Extra-Longstaple cotton. The business was much more active due to a good demand worldwide and on the local market.
Prices for Egyptian varieties followed the strong increase of the US-Pima cotton prices. In an attempt to secure deliveries and prices spinning mills closed contracts already for 2014.
The following contracts were closed:
Medium staple cotton: Central Asia and West Africa and Israel Acala for the 2nd and 3rd quarter 2013.
Long- and extra-long staple cotton: Egyptian Giza 86 for prompt and the 2nd quarter, Giza 88 and Israel Acala rgd. for the 2nd quarter, Sudan Barakat for 2nd and 3rd quarter 2013, US-Pima and Israel Pima for the 2nd quarter 2013 as well as for the 1st quarter 2014, Israel Acalpi for the 1st quarter 2014.
