Cotton futures at China ZCE futures market fell sharply on Wednesday with small trade volume. The most active contract CF701 opened at 13440 yuan and settled at 13445 yuan, down 40 yuan from the previous session, following a trade range between 13480-13405 yuan.
Trade volume reduced sharply to 5022 lots and positions stood 15112 lots.
On early session the market went up on buying support, but declined under the liquidation pressure from the long side, in the afternoon futures price rebounded on active short covering.
Finally the market closed above the session's average and trade volume of leading contracts shrank sharply.
On October 25, China national cotton index Cncotton A quoted at 13257 yuan per ton, down 9 yuan than the previous day, and Cncotton B was at 12816 yuan per ton, up 21 yuan from yesterday, HZCE cotton in grade 229 offered at 13300 yuan, 85 yuan below last session, on domestic cotton market.
On domestic textile fiber market, polyester staple fiber quoted at 11400 yuan per ton, up 100 yuan from the previous session, and Rayon staple fiber listed at 14050 yuan, falling 50 yuan from Tuesday.
On local yarn market, OE10S traded at 13015 yuan, down 10 yuan; C32S priced at 18895 yuan, less 40 yuan comparing to the prior day. JC40S quoted at 23810 yuan, down 50 yuan; TC45S offered at 18090 yuan, reducing 30 yuan.
JC40S quoted at 23810 yuan, down 50 yuan; TC45S offered at 18090 yuan, reducing 30 yuan.
One lot is equivalent to 5 metric tons.
One US Dollar equals about 7.90 yuan.
Fibre2fashion, News Desk - China
marketing@alchempro.com
