Views:0 Author:Site Editor Publish Time: 2020-03-31 Origin:Site
ICE May cotton contract has been constantly decreasing last week, and on Feb 27, the contract hit the maximum fall to 62.47cent/lb. The market is in a panic again after the early worries over the outbreak of novel coronavirus in China. With the panic mood, Zhengzhou May cotton contract also reached the down limit on Feb 28 to 12,180yuan/mt. From Feb 24 to Mar 2, on-call cotton sales from mills were relatively active due to sharp decrease of cotton futures, to replenish feedstock.
1. Spot cotton sales
Trading volumes of spot cotton increased significantly last week due to sharp fall of prices. Amid the pessimistic market sentiment, Zhengzhou May cotton contract has been constantly decreasing. Most mills revised lower the buying indication. On Feb 28, buying indication was adjusted to 12,180-12,350yuan/mt. Trading volumes increased obviously.