Cotton prices in domestic market continued the declining trend but at a slower pace. Although picking of cotton and output were affected by continued rain in some parts, the beginning of October saw a steady increase in domestic cotton price. However, in the later part it lowered below than the previous month.
According to statistical survey, the average price for grade three in the first half of October, was mounted upto around 13593 yuan per ton. In the second part the rates were 13471 yuan, down 212 yuan or 1.5 percent, and 4.3 percentage points less compared to September. This was up 588 Yuan or 4.6 percent over the same month last year.
Cotton price in the global market has gained slightly. In early October, international cotton market spot price read 70.4 cents per pound, in later half the rates increased up to 71.4 cents, about 11,806 yuan per ton. With tariff, value-added tax and port charges, it reached to 14,943 yuan per ton, up 9.9 percent over domestic cotton price, during this period.
Average price for the whole month was 70.7 cents per pound, up 1.3 cents over last month or 1.9 percent, an increase of 12.8 cents or 22.2 percent over the same period last year.
Early October, delivery price of nearby cotton futures in New York touched 64.5 cents per mound about 10,665 yuan per ton. The monthly average was 63.1 cents per pound, up 2.1 cent over last month, or 3.4 percent, an increase of 14.0 cents or 28.6 percent over the same month last year.
Fibre2fashion News Desk - CHina
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