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2010-12-7
Although cotton futures prices climbed up both on ZCE and ICE market last week, spot market remained weak on the whole. Although a few cotton enterprises started to purchase seed cotton, it could not revise the downward momentum. Offers for grade 3 cotton mostly retained at 26000-26500yuan/mt and sales were thin. Cotton enterprises were reluctant to sell with futures prices rebounding, but mills preferred to sideline, watching.
Regarding futures market, as ICE cotton ended three days of gains and fell Monday, ZCE cotton opens low in the morning. Sep11 opens at 26935yuan/mt, down 375yuan/mt from yesterday’s settlement price.
source:CCFGroup.com
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