ZCE Suffered A Big Loss

    ZCE Suffered A Big Loss 

    Cotton futures at ZCE settled sharply lower on August 9 with trade volume expanding to 80946 contracts. Open interest was up 1324 to 72130 contracts. New contracts came mostly from 2006. CF510 consolidated at 13700 and experienced a new low of 13505 in the course. This contract settled at 13525, down 200 from last session. Volume was recorded at 22200 and open interest declined to 30200.

    Typhoon Matsa continued to be the center of attention. Eastern cotton areas have received severe impact from hailstorm and flood. Production loss is inevitable.

    Despite this bullish news, market remained in a very dull pattern and participants appeared to be losing hope for future price movement due to RMB appreciation. Domestic mills continued to be very cautious about making purchase even if nearby contract fall below cash prices.

    Technically, CF510, which ended at 13650, may not see anther significant drop tomorrow

Source: XinHua

(2005-8-11)

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