ZCE Cotton Futures Closes Slightly Lower

ZCE cotton opens slightly higher today. Gov’s move to raise interest rate did not bring much impact so far. The price fluctuated in a narrow range later and closed slightly higher. Overall trading volume shrank sharply to 0.60 million lots while the open interest reduced to 0.31 million positions.

On spot market, cotton sales recovered somewhat but prices were a little varied. Most textile mills have actually raised their purchasing price for inferior grade 3 cotton to 27100-27400yuan/mt.

Closing price on ZCE cotton futures market:
　　　　　　　　　　 Close　　　　　　　　　　　　　　Change
May11　　　　　　　27745　　　　　　　　　　　　　+110 points
Sep11　　　　　　　27780　　　　　　　　　　　　　+100 points

($1=CNY6.63)

source:CCFGroup.com