The National Cotton Electronic market realized transactions of 15,160 tons cotton on May 7; an increase of 2,020 tons compared with the previous day. The market was mainly plagued by macroeconomic concerns.
Fund traders sold off across the board in commodities market and stock market, cotton futures market was significantly suppressed, ICE July contract triggered stop-loss orders and closed at 79.85 cents / lb, down 223 points.
China's Cotton Electronic Matching Market weakened due to the impact of external environment. Spring planting is approaching an end along with concerns of the upcoming regulation and control policy.
Contract MA1005 closed at 17,315 Yuan, down 129 Yuan from the previous day; the most active MA1007 closed at 17,630 Yuan, down 56 Yuan. Contract MA1010 (328B) was priced lowest at 16,770 Yuan, and MA1008 recorded the highest at 17,700 Yuan.
On the same day, landed mill price of China Cotton Price Index 229 stood at 17,034 Yuan / ton, down 414 Yuan compared to the average price at 17,440 Yuan of MA1005.
As of May 6, cotton supply in the National Cotton Exchange was 193,242 tons, 2,417 tons less than the previous day; of which 10,136 tons have been publicly inspected, an increase of 72 tons from the previous day.
Fibre2fashion News Desk - China