As the May NY contract has approached expiration, the July contract has picked up a larger share of open interest. Prices for the July contract have been consistently trading at a higher level than those for May, but July futures also lost ground over the past month, falling from levels near 80 cents/lb to those around 76 cent/lb, according to the latest monthly economic letter by Cotton Incorporated.
As the May NY contract has approached expiration, the July contract has picked up a larger share of open interest. Prices for the July contract have been consistently trading at a higher level than those for May, but July futures also lost ground over the past month, falling from levels near 80 cents/lb to those around 76 cent/lb.
The Cotlook A Index also declined several cents over the past month, dropping from levels over 88 cents/lb to those below 85 cents/lb. The China Cotton (CC) Index has remained comparatively stable, holding to levels around 104 cents/lb in international terms or around 15,900 RMB/ton in domestic terms.
After declining throughout much of March, Chinese futures have been flat to slightly higher in early April. Values for the most actively traded September ZCE futures contract have been near 15,500 RMB/ton recently, after falling from levels over 16,600 RMB/ton in early March.
Pakistani prices were stable. In international terms, values held near 78 cents/lb. In domestic terms, values held near 6,750 PKR/maund (approximately 37 kg). (KD)
Fibre2Fashion News Desk – India
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