After a sharp fall of the ICE futures at the end of the previous calendar week the quotations of the CIF Bremen Index moved to a level last recognized two weeks before.
One reason for the downturn of prices was obviously the release of the US supply/demand report with higher than expected season ending world stock. In the domestic market lower prices encouraged a few manufacturers to take the chance to finalize contracts for shipments later this year, but the weaker Euro reduced the price advantage for spinning mills and kept Euro prices nearly stable.
In general the processing industry was waiting for a more certain price trend and covered needs delivery prompt up to the company holidays only.
The following contracts were closed:
Medium staple cotton: Central Asian and West African cotton for delivery in the 2. and 3. quarter 2013, West African also for the 4. quarter 2013.
Long and Extra-Long staple cotton: US Pima for prompt delivery.
