Mill Demand for Cotton Restricted by Capital Circulation
On spot market, cotton enterprises are more active in selling with the year end approaching. Some of them offer discounts to attract sales. Lower offers for Xinjiang type 329 are to 27500yuan/mt, ex-Xinjiang. Mill demand is also recovering, but at a slower speed. Some of them are restricted by capital circulation. Thus the sales are still far from good now.
On ZCE futures market, cotton opens high and trends upward. In midday, May11 settles at 28125yuan/mt, up 270yuan/mt. Sep11 settles at 28210yuan/mt, up 260yuan/mt.
($1=CNY6.62)
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