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China : ZCE futures: in downtrend due to speculative selling |
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2006-10-13
Cotton futures at China ZCE futures market opened lower Wednesday and stayed in a weakness through out the session following the fall in Nybot.
The most active contract CF701 opened at 13320 yuan, rose slightly to the session’s high of 13335 yuan in a short time, then fell into a down trend on speculative selling, touching the day’s low at 13320 on the way, settled at 13245 yuan, lower 120 from Tuesday. Final volume was 5096 lots.
From the fundamental side, with purchasing price of seed cotton steady and lint price weak, many processing firms dare not to procure seed cotton.
Some textile mills reflect that the price of domestic growth is lower than imported cotton and there is indication of a further drop in import cotton.
Some point out that one of the main reasons for price declining is due to the arrival of new cotton in market. They expect price will get stable when textile mills expand their purchasing quantities.
In spot market, on October 10, Cncotton A was at 13332 yuan per ton, lower 76 points than previous session. Cncotton B at 12984 yuan per ton, down 122 points from last day. |
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| Fibre2fashion News Desk - China | |
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