Cotton electronic trading price breaks barrier

06 Jul '10

1 min read

On July 2, market transactions through electronic matching on China National Cotton Exchange (CNCE) reached 28,200 tons, an increase of 19,640 tons compared with the previous day and all of the transactions were under MA contracts.

ICE cotton opened slightly higher on July 1, but gradually lowered due to poor external environment, most new cotton contracts rebounded from decline due to support from trade buying and some short covering, the market finally closed flat or slightly higher, the most active December contract settled at 76.45 cents / pound, up 29 points.

China matching market continued on a galloping trend. Nearby month contract re-broke the 19,000 mark to close at 19,080 Yuan / ton, up 149 Yuan / ton. The most active contract MA1008 closed at 18,890 Yuan / ton, up 29 Yuan.

Contract MA1012 closed at 16,710 Yuan / ton and contract MA1007 closed at 19,080 Yuan / ton, thereby recording the maximum price.

Landed mill price of Chinese cotton price index 229 was 18,835 Yuan / ton, 143 Yuan less than the average price of nearby contract MA1007. The rate of the central parity of RMB exchange against one dollar on bank's foreign exchange market was 6.7720 Yuan.

Fibre2fashion News Desk - China

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