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Electronic cotton trading market posts gains
06
Sep '10
On September 03, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 45,020 tons, down by 1,900 tons compared with the previous day.

ICE cotton prices soared again on September 2. The most active December contract reached the highest point since March 2008, up 208 points to close at 89.49 cents / pound, its two-day gain fetched 329 points in a row.

Under the influence of ICE cotton market and local rainfall in primary cotton production areas in China, MA contracts extended sharp gains of the previous day, the market once again approached intra-day limit.

Except contract MA1009, all other MA contracts increased by 215-300 Yuan. Nearby month contract MA 1009 closed at 18,800 Yuan / ton, up 215 Yuan; the major contract MA1101 closed at 18,175 Yuan, up 298 Yuan.

Contract MA1012 closed at 18,010 Yuan (328B) to fall to its lowest level, while contract MA1009 closed at 18,800 Yuan and in the process, hit the highest price.

The price index of Chinese cotton grade 328 was 18,017 Yuan / ton on the day, 675 Yuan lower compared to the average price of nearby month contract MA1009. On September 3, cotton price index in China gained 5 Yuan to 18,017 Yuan / ton.

Fibre2fashion News Desk - China

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