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Cotton electronic market in strong wait & watch mode
07
Jul '10
On July 6, cotton market transactions through electronic matching trade on China National Cotton Exchange (CNCE) reached 11,400 tons, 7,500 tons less compared with the previous day.

Contract MA1007 opened slightly higher on the day. The contract closed higher at 19,000 Yuan due to support from spot market. Contract MA1012 closed slightly higher, but all of other mid-term or forward contracts continued to decline.

The most active contract MA1008 closed at 18,782 Yuan, down 30 Yuan; both trade volume and order volume reduced. Contract MA1012 (328B) closed at 16,620 Yuan, the lowest price and contract A1007 closed at 19,040 Yuan, the highest price.

On the day, matching transactions were 11,000 ton, 7,500 tons less than the previous day. In recent days, the market is holding strong watching sentiment. Landed mill price of China Cotton Price Index 229 was 18,849 Yuan / ton on the day, 145 Yuan less than average price of nearby contract MA1007.

On July 6, cotton price index in China rose 12 Yuan to 18,383 Yuan; on July 6, the central parity of RMB exchange rate against one dollar on interbank foreign exchange market was 6.7790 Yuan against one US dollar.

Fibre2fashion News Desk - India

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