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Cotton transaction through CNCE declines
10
Feb '11
On February 9, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 18,540 tons, registering a decrease of 3,300 tons in comparison with the previous day.

All MA contracts opened slightly higher on the day except contract MA1106 which opened lower, as being impacted by increased interest rate by the central bank. Intraday volatility was significant, but rising trend did not change, all contracts closed about 100 Yuan / ton higher.

Forward month contract MA1107 closed sharply higher by over 600 Yuan / ton, the main contract MA1105 closed at 32,527 Yuan / ton, up 156 Yuan / ton, nearby month contract MA1102 closed at 31,518 Yuan / ton, up 91 Yuan / ton. MA1102 fell to the lowest level at 31,500 Yuan / ton, while MA1107 hit the highest intraday level at 33,700 Yuan / ton. Both trade volume and orders reduced.

Forward month contract MA1107 averaged at 33,188 Yuan / ton, creating the largest increase of 636 Yuan / ton, while other contracts gained between 32-190 Yuan /ton, of which, MA1102 averaged at 31,518 Yuan / ton, 2732 Yuan / ton higher in comparison with China Cotton Index 328.

On February 9, cotton price index in China rose 71 Yuan / ton to 28,786 Yuan / ton. The central parity of Yuan / ton exchange rate against US dollar on interbank foreign exchange market was 6.5850 Yuan against one US dollar.

Fibre2fashion News Desk - China

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