Turkish Cotton Trading Subdued, Prices Steady

Turkish cotton trading was subdued amid expectations that prices will rise in September, traders said on Thursday. Benchmark Standard-1 Guaranteed cotton prices were unchanged at 1,650,000 lira per kg ($1,107 per tonne) on Monday on the Izmir Trade Bourse (IZTB). Prices were not set for the rest of the week as there were no cash transactions. "This is not a healthy market. Prices are expected to rise in September as manufacturers' contracts intensify in the autumn," said Sadi Katicioglu, vice-president of IZTB. Volume dropped to 658 tonnes this week from last week's 1,100 tonnes. Cotton harvesting has started in parts of southern Turkey and new crop arrived on IZTB last week. The Izmir bourse has said cotton production is expected to rise to 927,229 tonnes in 2001/02 (Sept-Aug) from 879,940 tonnes the previous year. ($=1,490,000 lira).