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2010-12-22
Spot cotton price continues the upward momentum in China. In East China, higher offers for inferior type 329 have recovered to 29000yuan/mt. However, purchasing is only moderate, but cotton enterprises are not eager to sell as they are bullish about post-Spring Festival market. Most big textile mills could maintain their production until the festival with current stocks. Market is in stalemate. Small mills have lower cotton inventory, but their demand also dips after cutting output. They are focusing on selling their yarns currently.
On ZCE cotton futures market, Sep11 opens at 28790yuan/mt, down 35yuan/mt from yesterday’s settlement price.
source:CCFGroup.com
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