In December, due to the influence of the weakening dollar and financial rescue policies implemented by many governments, the worldwide agricultural market as a whole showed signs of warming up. The trend of decline in prices of the New York cotton futures was arrested and international spot prices started firming up.
In December, contract price of New York cotton futures for March averaged at 42.81 cents per pound, down 1.60 cents, or 3.6 percent from the previous month and 15.4 percent down from the prices, ruling in October 2008.
CIF price in December in major Asian ports was 60.45 cents per pound, up 0.58 cents from the previous month, up 1 percent. Considering a 1 percent tariff structure, the import cost stood at Yuan 10,800 per ton, higher than the domestic prices ruling in the month of December.
Fibre2fashion News Desk - China
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