Market Dynamics: International Cotton Prices Hit A New High During May Day
In the week before the May Day holiday (April 24-april 29), the operating rate of textile enterprises was low, some enterprises extended the holiday time, and the spot purchase was mainly based on rigid demand. Driven by the sharp rise of international cotton price, Zheng cotton futures rebounded in the later part of the week. The weekly average price of China cotton price index (ccindex3128b) was 22433 yuan / ton, down 148 yuan month on month; Driven by the rising international energy prices and grain prices during May 1, the international cotton price reached a 10-year high. On May 4, ice's recent contract settlement price was 158.02 cents / pound, up 83.38% year-on-year. On May 3, cotook a index was 169.3 cents / pound, up 81.95% year-on-year.
(source: China Cotton Association)
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