Since the beginning of last week the New York futures were pushed by adjustments of technical positions and news at the physical market like good export figures for US cotton or concerns about falling stocks of cotton available outside China supported by rumors about additional Chinese import quotas. Beginning of the calendar week quotes bounced back by possible releases out of the reserve stock in China and India
More inquiries from the local textile industry were reported by the trade, but spinning mills suffer from daily price movements and rising cotton prices caused by a stronger Dollar due to doubts about the development of the Eurozone's stability. Considering some quality concessions in the medium staple range the demand covered need for prompt deliveries up to the 3rd quarter after the company holidays.
The following contracts were closed:
• Medium staple cotton: Spanish cotton for prompt delivery, West Africa and Israel Acala for the 2nd quarter as well as Central Asia for the 2nd to 3rd quarter 2013.• Long- and extra-long staple cotton: Egyptian Giza 86 and Sudan Barakat for prompt delivery, Israel Pima for the 2nd quarter and USA Calif. Acala rgd. for the 2nd to 3rd quarter 2013.