MUMBAI(Commoditiescontrol) – China State Reserve sold 82.06 percent at 24,617 tons of the total quantity reserved for the auction on April 21 at 29,999 tons.
The average price increased 1.46 percent at 14,852 yuan/ton(Rs 49,595/candy) compared to previous day while increased marginally 0.65 percent from previous week’s 14,756 yuan/ton (Rs 49,275/candy).
The highest selling price in the auction was for the 2012 Xinjiang cotton (29.2mm) at 15,930 yuan/ton(Rs 53,195/candy) while the lowest selling price was for the 2013 annual real estate cotton (26.9mm) at 13,690 yuan/ton (Rs 45,715/candy). The range of the staple length sold was between 26.7-29.4mm.
The State Reserve has so far sold 765,860 tons of cotton with a total turnover of 74.09 percent.
From the cotton stock offered for today’s auction, the 2012 cotton was the highest quantity (14,348 tons) sold within the price range of 13,690-15,850 yuan/ton (Rs 45,715-52,928/candy). Meanwhile, around 9,406 tons of 2013 cotton and 863 tons of 2011 cotton were sold in the auction.
The ZCE September cotton futures settled marginally higher 0.3 percent or 50 yuan/ton at 16,030 yuan/ton, hitting a six-week high on Friday. It traded within a range of 15,950-16,140 yuan/ton. Intraday volume decreased 34 percent to 2.07 lakh lots.
Meanwhile, open interest, as of April 20, increased 3 percent to 245,392 lots while was higher 7.6 percent over the week indicating long position build up amid rising prices.
1 CNY: Rs 9.38
(By Commoditiescontrol Bureau; +91-22-40015534)