ECONOMY

Greek cotton cheaper

ANKARA (Reuters) – Trade in Turkish cotton plunged this week as buyers preferred cheaper Greek cotton, dealers said yesterday. Volume of local cotton traded on the Izmir Trade Bourse (ITB) fell to 30 tons from last week’s 245 tons. It reached 3,000 tons and 4,455 tons in the previous two weeks. The fall in trade is due to imports of Greek cotton, said ITB trader Vahit Celep. «Greek cotton is sold for 2.07 lira per kilogram ($1,330 per ton) and this automatically cuts demand (for local cotton),» said Celep. Benchmark standard-1 cotton sold for the same price in the market, up from last week’s 2.01 lira. But cotton manufacturers are hopeful for the future because of the recent lira depreciation, which makes Turkish textile exports cheaper. «We can see some movement in the days ahead,» said Celep.