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Cotton prices on upward spiral
19
Nov '09
Domestic cotton price in China rose in October, due to news of low cotton output in current cotton year and more so due to delayed delivery of new cotton into the market. In October, average price of standard grade was 13,715 Yuan per ton, up 687 Yuan per ton, or 5.3 percent, from the previous month.

November contract of Zhengzhou cotton futures stood at 13,956 Yuan per ton in October, up 636 Yuan per ton or 4.8 percent from the previous month. November contract in national cotton trading market averaged at 14,237 Yuan per ton.

International cotton prices rose sharply, as the US dollar index continued to decline in October, coupled with severe weather occurring in some US cotton areas.

In October, December contract of New York cotton futures averaged at 65.63 cents per lb, up 3.59 cents per lb or 5.8 percent from the previous month and CIF price at major ports in Asia was 68.40 cents per lb, up 4.61 cents or 7.2 percent from the previous month.

The import landing price when converted into Chinese currency and when being calculated on base of 1 percent tariff stood at 12,074 Yuan per ton, 1,641 Yuan per ton lower than China's domestic market price.

Fibre2fashion News Desk - India

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