Cotton futures at China ZCE futures market weakened on Monday because investors sold out their stocks to take profits.The most active contract CF701 opened at 13500 yuan and settled at 13460 yuan, down 80 yuan from the last session, following a trade range between 13505- 3420 yuan. Trade volume reduced to 6732 lots and open interest stood 15186 lots.
The market opened higher but dropped at close time, with fierce fight between the long and the short at crucial price level, the market declined in shrinking volume, and profit taking from the long side was obvious. It appeared the long side had no interest in the battle.
Cotton import fell to 134,364 tons in September, down 57 percent from 2005, according to the General Administration of Customs. From January to September, cotton import rose 75.8 percent to 3.16 million tons.
On October 30, from the domestic cotton market, China national cotton index Cncotton A quoted at 13275 yuan per ton, down 8 yuan than the previous day; Cncotton B offered at 12817 yuan per ton, 11 yuan lower from Friday; HZCE cotton in grade 229 put at 13200 yuan, down 25 yuan below Friday.
On domestic textile fiber market, polyester staple fiber quoted at 11300 yuan per ton, same as Friday; and Rayon staple fiber listed at 14050 yuan, equal to the previous day.
On domestic yarn market, OE10S finished at 12985 yuan, down 10 yuan; C32S priced at 18825 yuan, less 10 yuan comparing to the prior day; JC40S quoted at 23720 yuan, down 10 yuan; TC45S closed at 18030 yuan, down 10 yuan.
One lot is equivalent to 5 metric tons.
One US Dollar equals about 7.90 yuan.
Fibre2fashion, News Desk - China
marketing@alchempro.com
