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Cotton transactions through CNCE witness surge
01
Feb '11
On January 31, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 19,900 tons, registering an increase of 8,500 tons against that of the previous day.

Most contracts on Match market opened higher on the day, extended gains during the session and finally closed up across the board. The main contract MA1105 closed at 31,980 Yuan/ton, up 710 Yuan/ton and nearby month contract MA1102 closed at 30,950 Yuan/ton, up 518 Yuan/ton.

MA1102 set the lowest intraday price at 30,455 Yuan/ton, while MA1107 hit the highest intraday price at 32,345 Yuan/ton. Trade volume increased, order quantity continued to expand.

All MA contracts closed sharply higher on the day, of which, MA1106 rose 625 Yuan/ton to 31,959 Yuan/ton, creating the largest gain among all contracts, when other contracts rose between 300-600 Yuan/ton. The forward month contract MA1107 remained at the top over all contracts with the average price of 32,154 Yuan/ ton.

On January 31, cotton price index in China rose 20 Yuan/ton to 28,682 Yuan/ton. On January 31, the central parity of Yuan/ton exchange rate against US dollar on interbank foreign exchange market was 6.5891 Yuan against one US dollar.

Fibre2fashion News Desk - China

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