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Cotton breaks one more price barrier
18
Jun '10
US cotton futures set a strong correction during the Dragon Boat Festival. December contract was close to 80 cents. June 17 was the first trading day after the Dragon Boat Festival, domestic cotton production and sales continue to be good.

Prices maintained a rising and advancing tendency, selling price of quality lint in Xinjiang has broken the 19,000 Yuan per ton barrier.

Looking at matching transactions on the day, a large number of selling appeared at high price, which inhibited positive momentum from buying, the market consolidated amid shocks, closing price was significantly weaker.

Total trade volume was 29,640 tons, total orders were 181,700 tons, a substantial increase of 6920 tons, and all MA contracts enlarged positions, but nearby contract reduced positions.

Fibre2fashion News Desk - China

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