High
prices till the recent ICE future's correction.
In the beginning of the week the lack of offers
had increased the price levels for our crop. The majority of ginners has
covered their short terms obligations and therefore are not in a hurry to sell
even more. We should keep in mind that from the beginning of the year many
sales have been concluded at the range of 90's c/lb. Therefore ginners need to
ship their obligations and slowly sell their stocks taking advantage of any
possibly future's rally.
During the week Turkish spinners exceptionally paid
prices up to 213 usc/kgs FOT with prompt shipments and payments. International
merchants paid these prices with difficulty while there was also some demand
coming from Italy at even higher levels. The future's correction raised worries
for the on call business as ginners hesitate to risk much at this stage.
Quantity wise, it is estimated that the balance
for exports is about 70,000 tons and almost all qualities are available.
Kind regards,
Yiannis Papadogiannis
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