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Spot cotton sellers adjust prices, still no takers
06
Aug '10
Zhengzhou cotton contract CF1101 opened flat on August 5, the market declined on liquidation of long positions after a rally, daily average showed a negative trend, intraday trade volume shrank and open interest fell.

ICE cotton futures adjusted on Wednesday. CNCE trading transactions registered 11,960 tons through electronic match on the day, the market opened lower amid shocks, MA contracts showed small waves and trade and order volumes fell marginally.

Spot selling was larger than spot buying. One cotton trader in Zhejiang adjusted his selling price of Xinjiang cotton down to 18,300 Yuan / ton, but still it not easy to sell out. Most textile factories hold abundant stocks.

Meanwhile it is known that cotton textile enterprises are expected to accept the price of 18,000 Yuan / ton for the about to be released state cotton reserves. On August 4, Chinese cotton price index (CC Index 328) was 18218 Yuan/ ton.

The US cotton index and December contract closed in a negative range on Wednesday, December contract failed to test the high point of the previous day, but found support from the daily average.

Fibre2fashion News Desk - China

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