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Increasing demand on behalf of international merchants
and Turkish spinners.
In the last ten days it seems that our crop has
been drawing much attention. In the beginning it was few international
merchants that bought from selected ginners at basis of even to 100 on Dec 11
for HVI 41 or equivalent fix price with early shipments.
Later on, couple of major Turkish spinners, before
the NY future's correction, bought at levels of 225 usc/kgs FOT. In addition,
small volumes that can be described as "opportunistic business" were sold at
levels lower than 1 usd/lb FOT with immediate payment and shipment. Today there
are also some spinners who are trying to buy at prices of 220-225 usc/kgs FOT but
without success.
The increased cost of production for one more
season is not leaving room for more attractive offers. The ‘fight' for seed
cotton still exists although there are signs that this season due to the
financial crisis in Greece and without the support of banks will not be so easy
for ginners to follow these price games.
The yields on the fields are satisfactory but
not ideal. The good thing is that qualities so far are promising. Even the
first rain touched cotton is ranging at HVI 41 while all other specs are very
good. During the weekend the weather forecast shows some regional rains and
during next week only sunny days. Therefore in the coming week we will have a
more clear view of this season's after rain quality.
Kind regards,
Yiannis Papadogiannis
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