2010-12-28
On spot market, sales gradually recover recently. Most textile mills have relatively low cotton inventory and they start to purchase for Spring Festival holiday. Many big mills have actually raise their purchasing price for inferior grade 3 cotton to 27100-27400yuan/mt in actual trading.
On futures market, cotton opens high and trends higher. May11 settles at 27770yuan/mt, up 135yuan/mt. Nov11 settles at 27840yuan/mt, up 160yuan/mt.
($1=CNY6.63)
source:CCFGroup.com
