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Cotton transactions at CNCE post gains
24
Jan '11
Transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 39260 tons on January 21, an increase of 12760 tons compared with the previous day.

External commodity markets generally declined on January 20, but ICE cotton futures finally rose after early decline, nearby contract closed at the upper limit of 152.94 cents / pound, while contract 1112 closed at 105.70 cents / lb, up 122 points.

Match contracts continued gains on January 21, nearby MA contracts looked weak while forward MA contracts performed strong. MA contracts closed higher for five consecutive days this week. Contract MA1103 rose from 28,560 Yuan to 29,529 Yuan, the main contract MA1103 closed at 29,800 Yuan, up 696 Yuan and forward contract MA1105 closed at 30,000 Yuan, up 594 Yuan.

Contract MA1103 represented the lowest price at 28,901 Yuan on the day, while MA1106 created the highest price at 30,095 Yuan and forward month contract MA1106 sat at the top over all contracts with an average price of 29,796 Yuan.

On January 21, cotton price index in China rose 89 Yuan to 27,901 Yuan; On January 21, the central parity of RMB exchange rate against U.S. dollar on interbank foreign exchange market was one US dollar against 6.5886 Yuan.

Fibre2fashion News Desk - China

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