Following the slightly weakening quotations of the New York cotton futures, the CIF Bremen Index too followed suit, although the corresponding Euro prices remained stable due to a stronger dollar.
In the local German market, the number of inquiries increased noticeably as the cotton consuming industry returned completely back from holidays.
However, with new cotton crop expected to reach the markets, the textile industry expects a further downswing of prices, so was in part reluctant to conclude contracts.
Buyers were on the lookout for bargains, but there seemed to be no pressure to cover urgent needs. Most of the interest seemed to be concentrated on deliveries for the months around end of the year.
Contracts for medium staple cotton were concluded for Central Asia for prompt delivery and the first quarter of 2015, West Africa for prompt delivery, for the fourth quarter and first quarter of 2015.
In long and extra-long staple cotton varieties, contracts were signed for Israel Pima Organic for prompt delivery.
The committee for price fixations of the Bremen Cotton Exchange said it has decided to adjust the CIF Bremen Index for seasonal reasons.
Quotes of strict middling qualities from the European cotton producing countries like Greece and Spain have been included now. (AR)
