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2010-11-12
As ICE cotton continued to slump Thursday, ZCE cotton opened to limit down in the morning. In the middle session, May11 closed at 29290yuan/mt, down 2380yuan/mt. ZCE cotton has dropped to limit-down for two consecutive days.
On spot market, Shandong Weiqiao adjusted down purchasing price for cotton by 500yuan/mt in the morning. Yesterday, the mill has cut down prices by 200yuan/mt. With ZCE cotton dropping to the most amounts allowable, the panics emerge on spot market. Small cotton enterprises intend to sell their goods as soon as possible. Some other think it is a temporarily adjustment after too sharp surges. Mills generally stop purchasing with the prices to start dipping.
source:CCFGroup.com
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