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Cotton prices inch down
19
Nov '10
On November 18, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 29,240 tons, down 14,380 tons compared with the previous day.

The front five contracts of ICE cotton futures closed sharply lower again on November 17, open interests reduced to nearly the lowest level in three months.

In China, the executive meeting of State Council once again deployed for inflation situation on November 17, stressing the state will introduce temporary intervention measures over prices of production materials and important daily necessities when necessary, market is cautious towards tightening policy, the expectation of raising interest further grows.

Weiqiao Textile Group in Shandong province cut its buying price by 500 Yuan / ton to 28,300 Yuan / ton for cotton grade-3 and 27,900 Yuan / ton for cotton grade-4 on the same day.

M-contracts continued to decline, all contracts closed 800-900 Yuan / ton lower on the day. Nearby month contract MA1011 closed at 27,080 Yuan / ton, down 627 Yuan; the most active contract MA1103 closed at 26,250 Yuan / ton, down 987 Yuan. Intraday trade volume shrank, orders continued to decline.

Contract MA1103 set the lowest price at 26,105 Yuan / ton; while MA1011 hit the highest price at 27,707 Yuan / ton. On November 18, cotton price index in China fell 555 Yuan / ton to 28852 Yuan / ton.

Fibre2fashion News Desk - China

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