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Cncotton on the market: two major events after the holiday

Cncotton on the market: two major events after the holiday Source:
Date: 04-02-2013
Visits: 241
Very Poor

On February 4, CNCotton A is 20,111, unchanged and CNCotton B is 19286, down 2. ZCE CF1309 contract settled at 20,190, down 95. CF1303 settled 230 yuan lower at 19,920. International Cotton Index (SM) and (M) is 95.00 and 91.17, both unchanged. These two prices are equivalent to 15918 yuan and 15469 yuan based on sliding scale duty. Import prices are basically unchanged. Reserve procurement and auction suspended today and will resume after holiday.
ZCE prices recorded a few pullbacks after breaking above 20400 last week. While market will continue to be squeezed by scarce deliverable qualities, spec funds are likely to lock in profit entering this week for upcoming holiday. Textile mills are buying hand-to-mouth before holiday and reserve auction continued to conclude very light volume.
Looking forward, there are two major events after Chinese Lunar New Year. One is the auction price after March 31. It is widely expected that the price will substantially lower than current level. The other thing is China’s plan for cotton reserve policy in 2013, which should become clear in March. That is, whether or not China will continue to purchase cotton for state reserve this year. The No.1 document released last week indicates some potential for furtherance of current policy. If that is the case, judging from the 10-12% increase in the minimum procurement price for rice, it is reasonable to anticipate a similar increase in cotton’s price.
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