|
Increased demand and numerous sales concluded from the beginning
of 2012.
From the beginning of the new year demand has
increased rapidly following the ICE futures rally. During previous months the
majority of inquiries were coming from Far East clients and merchants while
Turkey was not so active. Lately Turkish spinners increased the demand for
Greek cotton and passed inquiries to all ginners. This fact raised our crop's
prices in a week for about 7 usc/lb (from 85 c/lb to 93 c/lb).
As a result during the week many new sales were
concluded at prices of 87-93 c/lb FOT depending on quality and shipment terms. The
main characteristic of this week is the narrowing of price difference between
A1 ginners and less reliable ones or even defaulters. Nowadays even small
ginners have increased their offers to levels of about 90 usc/lb FOT.
Regarding availability status, although seed
cotton is still being delivered to ginning mills, following the latest sales,
it is estimated that about 120,000 tons are still unsold. Today most ginners have
decided to step back and not offer new quantities. They prefer in this
increasing demand atmosphere to first evaluate the market and then proceed with
new sales.
Kind regards,
Yiannis Papadogiannis
|
