CCFGroup.com China Cotton Market Daily (5 Aug 2009)
CCF price
•RMB price for type 329: 13505yuan/mt, +10yuan/mt (0cent/lb)
•Cotlook A: 65.45cent/lb, +0cent/lb
•RMB equivalent for Cotlook A (under sliding scale duty): 12785yuan/mt
Cotton development
The rainfall affected cotton growing in Yangtze River Valley. While in North area, the rainfall did not bring much impact and in the contrary provided moisture helpful for cotton growing.
The 2009/10 cotton output is expected to be at around 7000KT, greatly lower than last year due to lower cotton planting acreage.
Imported cotton price
CIF offers for foreign cotton were basically stable. The offers for India S-6 1-1/8 were at 64.5-66.5cent/lb while that for U.S. M/E M 1-3/32 were at 65.66cent/lb. Burkina Faso BOLA 1-1/8 were offered at 65.5-66.5cent/lb.
