In the week before the spring festival, the weak trends in the cotton market were hard to miss and although favorable factors seemed to appear, the market still looked strongly bearish.
Chinese cotton price index in the week (Feb 8-14) witnessed a downward trend. CC Index of cotton grade 328 was priced at 14,865 Yuan / ton, down 34 Yuan compared with the previous weekend.
Price of lint grade 527 was quoted at 13,806 Yuan / ton, down 47 Yuan / ton from close of the previous week; cotton index of grade 229 was 15,234 Yuan, down by 19 Yuan / ton.
Price of imported cotton however nosedived by a big margin. As of February 4, among offers of cotton grade SM 1-1/8 ", US C/A cotton was offered at 80.60 cents / lb, which when converted, stand at 14,553 Yuan / ton (based on sliding tax terms).
US cotton grade E/MOT M 1-3/32 " was offered at 78.20 cents per lb and when converted, the price stood at 14,139 Yuan / ton at Chinese ports.