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Short-term cotton futures to be firm – experts
10
Jan '11
Zhengzhou cotton futures opened lower on January 7, the market moved down amid shocks on the day, and finally closed sharply lower. The main contract 1109 opened at 28,800 Yuan / ton and closed at 28,215 Yuan / ton, down 750 Yuan / ton from January 6.

China's cotton market was dragged down by widespread selling in commodity markets caused by the decline in the Euro and increased cotton production forecast by India. It is expected that short-term cotton demand from textile companies is likely to pick up, mainly due to issue of import quotas.

Spot prices in domestic cotton market have risen steadily in recent days, but market trade remains thin. Downstream yarn market sees significant improvement compared with previous times and a lot of textile enterprises are feeling reduced pressure from inventories.

Some large enterprises have started to purchase bulk cotton for production after the holidays. Analysts believe that judging from current market environment, short-term cotton futures market will continue to be firm due to the influence of replenishment demand; the gravity of overall prices is expected to increase further in the future.

China's electronic matching market declined at opening on January 7, then the market rose amid volatility with support from buying, but overall prices were around or slightly lower than the average price of the previous day; most MA contracts fell, while a few contracts rose.

The main contract MA1103 closed at 28,300 Yuan, up 13 Yuan, forward month contract MA1105 closed at 28,505 Yuan, down 58 Yuan. Chinese cotton price index rose 25 Yuan to 27,650 Yuan on January 7.

Fibre2fashion News Desk - India

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