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Cotton futures continue to climb
22
Oct '10
Cotton futures contract 1105 at Zhengzhou Commodity Exchange opened higher on October 21 and the contract once rose to the intraday higher limit.

The contract opened at 24,800 Yuan, the intraday highest was at 25,045 Yuan; the lowest was at 24,715 Yuan and finally closed at 24,985 Yuan, up 3.76 percent from the previous day.

Open interest reduced more than 10,000 lots; trade volume registered over 500,000 lots. ICE December contract rose 4 cents, to close at $1.1426 per pound on Wednesday.

In the spot market, China Cotton Index (328) stood at 24,941 Yuan / ton, up 252 Yuan / ton on October 21.

Imported cotton price index (FCIndex S) was 135.9 cents / lb, down 1.78 cents / lb, the price is equivalent to 23,196 Yuan / ton based on 1 percent tariff, down 301 Yuan / ton and equivalent to 23,612 Yuan / ton based on sliding tariff, down 298 Yuan / ton.

Fibre2fashion News Desk - China

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