Cotton futures at China ZCE futures market recorded a sharp rise yesterday. The most active contract CF701 opened at 13300 yuan and settled at 13395 yuan, 90 yuan higher than the previous session, following a trade range between 13410-13275 yuan.
Trade volume expanded to 7708 lots and positions stood 12472 lots, increasing 776 lots from yesterday.
On the fundamental side, domestic cotton prices keep moving calmly in a low range. There are no big fluctuations in main cotton producing regions.
The wait-and-see attitude is gradually fading. Some processing firms start to buy the market. But farmers are still reluctant to sell.
In spot market, on Oct 17, China national cotton index Cncotton A quoted at 13271 yuan per ton, up 22 points than the previous day, and Cncotton B at 12805 yuan per ton, down 98 points.
Trade on Zhengzhou cotton market is very active with front contracts weak and forward contracts firm.
One lot is equivalent to 5 metric tons.
One US $ equals about 7.90 yuan.
Fibre2fashion, News Desk - China
marketing@alchempro.com
