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Cotton contracts push forward
19
Jul '10
On July 16, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 25,640 tons, down 2,880 tons compared with the previous day and all of the transactions were under MA contracts.

US inflation and manufacturing data released on July 15 increased market worries about US economic recovery, while the dollar index increased sharply. ICE Cotton spiked in early morning, but fell from high level with the progress of the session, due to lack of follow-through buying strength, finally closed slightly higher.

Performance of China's cotton matching market was mixed on July 16; as nearby contracts fell, while forward contracts increased, finally all MA contracts closed higher.

Contract MA1007 closed at 19,150 Yuan, up 64 Yuan from the previous day, the most active contract MA1008 closed at 18,370 Yuan, up 41 Yuan. MA1012 fell to 16,105 Yuan (328B) on the day, to set the lowest intraday price, contract MA1007 hit 19,180 Yuan, to mark the highest intraday price.

Landed mill price of Chinese cotton price index 229 was 18,794 Yuan / ton on the day, 310 Yuan less than the average price of nearby contract MA1007. The central parity of RMB exchange rate against one dollar on interbank foreign exchange market was one U.S. dollar against 6.7718 Yuan.

Fibre2fashion News Desk - China

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