At the beginning of the reporting week the upwards movement in New York was stopped. The cotton quotations have been significantly corrected downwards and are still falling.
The present estimates about production and consumption do not support this development. The prices for medium staple cotton also remain on high levels for actual deliveries prompt up to first quarter 2011.
The prices for LS/ELS cotton increased in the reported week, but interest by spinning mills was stable.
The stocks at the origin are still limited and the availability of new crop will probably delayed. Turnover was generally low. Inquiries for delivery prompt up to second quarter 2011 were most of all for market evaluation only.
Little transactions in the medium staple range for the local market were reported in West African and Central Asian styles for delivery prompt up to first quarter 2011.
In the LS/ELS range Giza 86, Giza 88 and Israel Pima cotton of all grades were sold for deliveries prompt up to second quarter 2011.
