Thrakika Ekkokistiria S.A. released the GREECE: HECOT Weekly report 24/11/06. Main issue of the week was the fixation & rolling orders of ginners following the first notice day of Dec 06.
It is a fact that for a second time in a row (July 06) ginners are getting prices which are really on the very low side (about 10 c/lb lower from the theoretical market price).
As a result, under these circumstances the possibilities of new 'on call' contracts based on May or July are decreasing, unless the NYF get into an uptrend channel. Keep in mind that the eur/dollar rate (1,3088) is squeezing even more ginners and harshening new offers.
Recently, ginners are focused on covering their existing sales rather than proceeding to new ones. Of course this doesn't mean that the week was completely silent business wise. Some new sales of small quantities can be reported at levels around of 58 c/lb FOT.
In the meantime Turkish spinners, especially the ones in Corlu area, are in the Greek market trying to buy high qualities (full range 41) by paying a premium to the ginners, while others (mainly spinners from Maras / Antep area) are covering their needs with CIS or Indian cotton, not willing to follow prices above 125 c/kgs.
Harvesting is about to reach the 100% all over Greece. The latest estimates are still indicating 300,000 tons as total raw cotton production, and the question is the quantity of seed cotton stored by farmers in their warehouses. The quality produced is mostly HVI 51 color, leaving some small lots of HVI 41 color.
Thrakika Ekkokistiria S.A.
marketing@alchempro.com
