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Cotton index expected to surge higher
18
May '10
Zhengzhou cotton index broke 17,000-Yuan mark for the third time this year, in the context of fluctuations above 80 cents in US cotton price, and being actively sought after by many main funds. An analysis points out that tight supply is the main reason for promoting the cotton price higher.

By the end of April, actual cotton planting progress in the country was only 81.8 percent, compared with 98.5 percent over the same period last year. Actual planting acreage is 58.70 million Mu (one hectare equals 15 Chinese Mu) in the country. There has also been a widespread phenomenon of late sowing this year.

Although the country released 2.62 million tons of state cotton reserves in May to December last year to ease the strain pattern of domestic resources, trading price of state reserves was pushed higher continuously, showing a steady increase in demand.

In summary, the shortage in cotton market will continue to push cotton prices higher, Zhengzhou cotton futures is expected to stand firm at 17,000 Yuan per ton or even move further higher.

Fibre2fashion News Desk - China

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