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New york cotton prices touch 56 cents by efeggh rehreh
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New york cotton prices touch 56 cents |
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Business,Business News,Business Opportunities
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New York's Cotton Futures remained at a high yesterday although many traders kept to the sidelines and preferred waiting for a rise in demand from China due shortly. There were signs of panic buying in Pakistan with ginners increasing prices. The current high trend in China came to halt with Future contracts crashing down.ÂNew YorkIt was business as usual in New York yesterday following Monday's closure in observance of Martin Luther King day.ÂFutures closed a fraction higher from Friday with the key March contract up 0.06 to 55.99 cents per pound and May up 0.08 to 57.15.ÂTrading opened on a similar level to Friday's high close and encouraged by speculative buying.ÂInvestment funds possessing large cash pools have been propping up prices but selling prevented March from inching past 56 cents.ÂCotton prices have been riding high but certain analysts have warned these could fall should fund interest in the US ease up.ÂOverall, there was little to stimulate trade activity and many key players preferred to remain on the sidelines waiting for the next development to prompt activity.ÂAnalysts say they are also keeping an eye on the expected increase of demand from China which may occur before the Chinese New Year at the end of January.ÂPhysical prices again remain unchanged today (CIF/CFN China) and Cotlook's A index was also a non-mover yesterday at 58.45 cents per pound.ÂIndian exports lowerPrices on the East India Cotton Exchange were again steady on moderate demand.ÂCotton exports have commenced to slow down in response to rising domestic prices resulting in lower gains for exporters.ÂMost of the demand from abroad has been for the medium staple Shankar 6-A variety which closed yesterday unchanged at 18,600 rupees per candy.ÂCotton shipments head mainly to China where its intake has increased 35 per cent in 2005.ÂChina Futures crashChina's domestic market prices have today fallen for ZCE's March contract and CNCE's January contract.ÂMarch was down 135 yuan to 15,075 yuan per ton and January 42 yuan lower at 14,755.ÂChina Cotton Association's 328 Grade remained unchanged at 14,316 yuan per ton indicating weakening interest from spinners.ÂPanic buying in PakistanTrading finally started to heat up in Pakistan following the return from Eid celebrations with the Karachi Cotton Association's Spot Price increasing 25 rupees to close at 2,400 rupees per maund.ÂThis has ended a long run of flat trading with ginners confidently demanding higher prices.Â
The market expects the latest fortnightly PCGA report to appear before 20 January and could lead to panic buying from mills. I am a professional writer from China Quality Dress, which contains a great deal of information about wooden kitchen islands , garage cabinet design, welcome to visit!
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