China Cotton Market Daily(25 Apr 2011)

CCF Price
•4/25 CCF RMB price for type 329: 29425yuan/mt, -105yuan/mt
•4/22 Cotlook A: 206.35cent/lb, -6.30cent/lb

International cotton market
Due to Good Friday, ICE cotton futures US market was closed.

China cotton
Panics strengthened on spot CPL market with ZCE cotton futures price dipping and Shandong Weiqiao adjusting down its purchasing price. Inferior grade-4 cotton was largely offered at 26500-27000yuan/mt. Xinjiang cotton price also softened in upcountry, generally by 200-300yuan/mt, slower than upcountry ones. Most cotton enterprises were active in selling.

On ZCE futures market, cotton opened high and trended downward. The most active Sep contract closed at 27855yuan/mt, down 480yuan/mt.

Imported cotton
CIF offers for foreign cotton held steady. A few cotton enterprises offered big discounts in actual negotiation, but it was still hard to attract textile mills. Warehouse Indian S-6 1-1/8 was offered at 180-183cent/lb, equal to 30300-30800yuan/mt under sliding scale duty, about 2000yuan/mt higher than Customs clearance cotton.

($1=CNY6.52)