The quoted prices have once again reached the level of the previous week after a short weakness. Support was provided by the ICE quotes regarding the upcoming First Notice Day for March as well as recently published official crop reports.
The stocks outside of China have been decreasing and a reduction of acreage and crop is projected concerning the new season. Therefore prices at origin remained firm noticing a robust demand of the processing industry outside of Europe.
Prices on the domestic market followed that trend and remained firm as well, limitedly available upper qualities and long and extra-long staple qualities in particular. Compared to the previous week a need of raw material for the second and third quarter up to the new crop became tangible by a rising number of contracts closed with spinning industries.
The following contracts were closed:
Medium staple cotton: Central Asia for delivery in the 1st and 2nd quarter 2013 and West Africa for the 2nd and 3rd quarter 2013.
Long- and extra-long staple cotton: Egyptian Giza 88, Giza 86 and USA California Acala rgd. for prompt delivery and the 2nd quarter 2013, USA Pima for prompt and the 3rd quarter, Sudan Barakat for the 2nd quarter and Israel Pima as well as Israel Acalpi for the 2nd and 3rd quarter 2013.
