The volatile movements in New York cotton futures discouraged spinning yarn producers from entering in to long term contracts.
“Aside from a few deals in extra-long staple varieties, mills continued to adopt the wait-and-watch attitude, which too was seen in the previous week,” the Bremen Cotton Exchange informs.
Mills were on the look-out for good quality cotton at competitive prices, but were not able to find any suppliers.
However, contracts were closed for those with immediate needs and from those who held on-hand cotton inventories.
In the reporting week, contracts in medium staple cotton were signed from West Asia and Greece for prompt deliveries and from Central Asia from prompt and up to the first quarter of 2015.
In long and extra-long staple cotton, contracts were signed for Giza 86 and Sudan Barakat for prompt delivery, Israel and US Pima for first and up to second quarter of 2015 and Spanish ELS for second and third quarter. (AR)
