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Zhengzhou cotton futures decline sharply
28
Feb '11
Cotton futures at Zhengzhou Exchange fell sharply again. The most active contract 1109 fell 1,410 Yuan to close at 30,280 Yuan per ton, down 4.45 percent from the previous trading day.

Forward month contract 1201 closed at 26,295 Yuan per ton, the price fell to an absolute low level. The textile industry could await buying opportunities ranging from 26,000 Yuan to 25,000 Yuan per ton.

Domestic cotton futures prices and electronic matching market prices fell for the third consecutive day, cotton spot price began to relax, offers of inland cotton fell about 500 Yuan per ton, but price of Xinjiang cotton was still strong.

Imported cotton will continue to arrive at ports; in addition, existing stock will basically meet the needs of textile enterprises this year.

According the survey of China Cotton Information Network, as of the end of January 2011, China's total business cotton inventories and industrial stocks were 4.83 million tons, a slight increase of 100,000 tons over last year.

It will be worthwhile watching the impact on downstream cotton yarn market brought up by the decline in cotton price.

Looking at a view of medium to long term, domestic textile consumption will remain strong, while export market will also remain stable under the context of sustained global economic recovery.

Fibre2fashion News Desk

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