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2010-11-2
As ICE cotton futures rose to settle at the highest price possible Monday, ZCE cotton opens high in the morning and trends upward. Bullish views still prevail on the market on supply worries. It still takes time for new cotton to arrive in big quantity. Some participants say the prices may touch the resistance level of 30000yuan/mt.
On spot market, seed cotton price continues the uptrend. Meanwhile, some mills continue to raise purchasing prices for cotton. The offers for type 329 from Xinjiang Construction Corps have reached 28000yuan/mt.
source:CCFGroup.com
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