China Cotton Market Daily(15 Feb 2011)

CCF Price
•2/15 CCF RMB price for type 329: 30995yuan/mt, +70yuan/mt
•2/14 Cotlook A: 217.30ent/lb, +0.55cent/lb
China cotton
Cotton prices hiked slower today. Cotton enterprises were bullish but it was hard for the sales to follow up. Thus some sellers stopped offering, waiting for the market to become active. Some other cotton enterprises stabilized their offers after the previous big adjustment. Some even said they could make some compromise in actual trading.

On ZCE futures market, cotton opened low but trended high. The most active Sep11 closed at 33430yuan/mt, up 185yuan/mt.

Imported cotton
CIF offers for foreign cotton fell today, mostly by 2.5-5.0cent/lb. Sales remained flat on the whole. However, offers for Customs clearance cotton held firm, although a little mixed. Higher offers for SM US cotton were at 32500-33000yuan/mt, but it was hard to conclude deals at the level.

For Indian cotton export, according to some Indian press, the related department decided to maintain current export quantity of around 5.5 million bales (953KT) temporarily.

($1=CNY6.59)