Longstaple turnover also at high prices (Germany)
Because of the dramatic price development cotton merchants were only able to close few contracts during last week. There were still some enquiries for near dates, but it was mostly impossible to satisfy this need because of a lack of raw material. The relatively brisk demand for the new crop - also in the hope for better prices - only led to single contracts. The longstaple business was overall kinder. Apparently, there was still a desperate need for longstaple cotton for near dates enabling the merchants to close contracts even at higher prices. In particular the new Israeli crop was in great demand. Larger purchase requisitions did not only come from Europe; the Far East was briskly interested in longstaple descriptions, too, especially from Egypt.
Upland-cotton was sold from West Africa for the 1st and 2nd quarter 2011 and from Central Asia for the 4th quarter 2010 and the 2nd quarter 2011 as well as CIS low grades for September/October 2010.
ELS/LS-contracts were closed for Israel Pima for the 4th quarter 2010 as well as the 4th quarter 2011, Egyptian Giza 86 for near dates and the 4th quarter 2010, Sudan Barakat for the 4th quarter 2010 and US-Pima for near dates.
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