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Decline in cotton trade through CNCE
14
Feb '11
On February 12, transactions through electronic matching trade market on China National Cotton Exchange (CNCE) reached 87,000 tons, registering a decrease of 19,920 tons in comparison with the previous day.

Spot month contract of ICE Cotton futures continued to strongly increase on February 11, March contract rose 239 points to close at 189.97 cents / lb, while December contract fell 250 points to close at 129 cents / lb.

Match contracts opened sharply lower on February 12 in China, but maintained high level volatility during the session and most of the contracts closed 200-400 Yuan lower from the previous day.

The most active contract MA1105 fell 299 Yuan to close at 32,970 Yuan per ton, nearby month contract MA1103 fell 122 Yuan to close at 32,500 Yuan per ton; transactions substantially shrank.

MA1103 set the lowest price at 32,010 Yuan per ton, while MA1107 hit the highest price at 33,300 Yuan per ton on the day. Forward month contract MA1107 topped over all contracts by the average price of 33,209 Yuan per ton.

On February 12, cotton price index in China rose 271 Yuan to 29,579 Yuan per ton. The central parity of RMB exchange rate against US dollar on interbank foreign exchange market was 6.592 Yuan against one US dollar.


Fibre2fashion News Desk - China

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