China Cotton Market Daily(29 Nov 2010)

CCF Price
•11/29 CCF RMB price for type 329: 26640yuan/mt, -300yuan/mt
•11/26 Cotlook A: 148.10cent/lb, -0cent/lb

International cotton market
On Friday, ICE cotton for Mar delivery dropped 4.83 cents or 4.1 percent to settle at 1.1176 a pound. Last week, cotton dropped 9.2 percent, the most since Feb 2009.

China cotton
Offers for seed cotton continued to fall today. Seed cotton (to type 429) was offered at 10.0-10.3yuan/kg, down 0.2-0.3yuan/kg from last week.

Pushed up by the rebound on futures market, spot cotton prices were relatively steady today. Xinjiang type 329 was offered at 28900-29000yuan/mt, ex-warehouse in inner land. ZCE cotton closed greatly higher today, almost trimming the losses on Friday.

Imported cotton
CIF offers for foreign cotton softened today, generally by 3-5cent/lb. US EMOT SM 1-1/8 was mostly quoted at 142.5-143.5cent/lb, for Feb-Apr shipment, equal to 24500-24700yuan/mt under sliding scale duty. Textile mills and traders were confused about future development.

Offers for Customs clearance cotton dropped slower. Some traders with lower cost offered larger discounts, while the cargoes booked later at higher cost were quoted steadily. Lower offers for India S-6 1-1/8 were at 26800-27000yuan/mt.

($1=CNY6.67)