Cotton at China ZCE futures market broke its early low point in a downtrend Thursday. Trade was brisk the whole day.
Leading CF0701 opened at 13325 yuan per ton, finished at 13205 yuan, following a range between 13250-13105 yuan. Trade volume was 5096 lots.
In futures market, price drop sparked investors' passion, trade volume and positions created new record day by day. Main buyers built up their positions at low level.
In domestic market, spot cotton price extended its downtrend. Cotton process firms showed more interest in buying. New cotton purchasing price turned firmer with 0.01-0.02 yuan higher in most local markets.
According to some cotton companies, agricultural loans from agricultural bank and agricultural cooperatives agents would be gradually distributed to farmers by about Oct 20.
On Oct 12, purchasing price of seed cotton in grade 328 was 2.55 yuan / jin ( one jin = 0.5 kg), less 0.02 yuan in comparison to that on Oct 11. Lint cotton price was 12301 yuan / ton, declining 123 yuan per ton.
One lot is equivalent to 5 metric tons.
0ne us $ equals about 7.90 yuan
Fibre2fashion, News Desk - China
marketing@alchempro.com
