Bremen CIF Index reports that the price indices remained stable by the end of the reported week while the daily New York Cotton Futures had been slightly more in motion. The fluctuations could have been caused by adapting positions to news from the Eurozone relating to a possible support of Spain as well as to the diminished economic development in China.
Taking into account the demand for low stocks of available and qualitatively suitable cotton and moreover concerns regarding the crop situation in Texas might have had influence as well. The situation on the local market remained unchanged in comparison to the previous week despite an increased number of contracts. Quotations were getting firmer in general.
Prices seemed to have been on a more or less acceptable level to cover the processing industry's need. Yet contracts were again only closed for rather nearby dates when needing to fulfil placed orders and expecting decreasing prices in the long run.
The following contracts were closed:
In the medium staple range: Pakistan and Greece for prompt delivery. Zimbabwe for the 4th quarter 2012. Central Asia for prompt up to the 4th quarter 2012 and the 1st quarter 2013. Greece and Spain still for the 4th quarter 2012 as well as the 1st quarter 2013. West Africa for the 4th quarter 2012 as well as the 1st and 2nd quarter 2013.
Long- and extra-long staple cotton: Israel Acalpi and US Pima for prompt delivery and the 4th quarter 2012. Sudan Barakat for the 4th quarter 2012.
