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China : Dull cotton trade at ZCE futures market |
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2006-10-13
Cotton trade at China Zhengzhou ZCE futures market settled lower but went out from the earlier declining trend on Tuesday.
Contract 0612 opened slightly higher at 13390 Yuan touching the session’s peak, then immediately turned south and remained in a dull consolidation most of the day before a further drop at the close. The contract finished at 13280 Yuan, lower 65 Yuan from Monday. Trade volume was 694 lots.
In spot cotton trade, inland and Xinjiang spot cotton prices continue to fall considerably. The situation of inland spot market has slightly improved. But in general, supply is limited. Textile mills prefer to wait and watch, while farmers hesitate to sell.
Cotton futures at the New York Board of Trade finished lower Tuesday, with all actively-traded months setting fresh contract lows. Front-month December settled down 36 points at 48.70 cents per pound, a new contract low in five of the last eight sessions.
1 lot at ZCE futures market is equivalent to 5 tons. |
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| Fibre2fashion News Desk - China | |
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