USD Depreciation Lowered Down Domestic Cotton Price

By CnAgri2013-10-23 11:31:27 Print The comprehensive price index of China cotton increased to RMB16691/MT on Oct 21st, which went to USD2721/MT. USD depreciated last weekend and RMB appreciated against it, which influenced export competitiveness of China textile products and lowered down cotton price.
 
According to the weekly average price, exchange rate of RMB against USD was 6.141, up 0.16% from last week and comprehensive index of USD was 80.116, decreasing 0.33%. In general, RMB depreciated 0.17%. Weekly cotton comprehensive price index registered RMB16602/MT, up 0.12%. International futures and spot price decreased. Domestic price increased with production reduction. But since international price declined, domestic price lacked supports.
 
Price difference between domestic and international cotton narrowed. Spot price difference was USD1170/MT, 36.75% of international price and futures price difference, USD1467/MT, 46.06% of domestic price. Price difference of domestic futures and spot was RMB754/MT, 3.86% of spot price.




From “China Cotton Bi-Weekly Market Report”