During the. past week yarn. kas 'neon subject to rather. violent fluc~ tuations.. Nevertheldss. it" closed! about the same as a week-ago- for Considerable fluctuations have taken place in local" yarn near, months, but rather higher ward.
Cotton, which jumped from Tls. 31.85 to Tls. 33 per picul for November on Thursday; lost five: or six mace of his advance yesterday These fluctuations have been due to a rather rapid advance in America accompanied by decline for two days in succession, There is still no great amount of ress in yarn, Clearances from the mills are therefore of only moderate dimensions.
In their weekly market report Messrs, J. Spunt & Ca, state:—
China Cotton:—The—dominant, feature in our market during the greater portion of the past wee has been the advances registered in the value of the local staple, hav ing risen by about Ti. 1 per _picul higher than that reported during: the previous period, which "was brought about mainly' by influence of the continued firmness in the American market which hat con tinually gone up for eight days! since the Bist instant, or about 140 points, due to the speculative buy-Inge ahd covering by shorts who are intimidated by the Farm Board policy of doing everything possible sustain the values of cotton and wheat, However, so long as the supply is always in excess of the) demand one can hardly follow the policy of Molding movements, and: fanies, some effort can be" made! towards causing an increase consumption, any materially higher prices prevailing on American! cotton are very unlikely tobe! experienced in. the near fature Some 10,000 bales of Shensi Cotton both old and new crop have been bought up by the local spinners, but demand for Shanghai M-ginned.and_ other low grades is very poor. Receipts from the interior marts show a little improvement, but do not rise up to the quantity usually brought into the market at. this) stage of the season, which fact purely due to the transportation facilities in up-river ports being] not as free as in normal times, and hence the conservative merchants are adopting a more cautious method in the way of buying cotton. However, as the prices have! risen considerably it may induce] the farmers to market their cotton ina more rapid manner #0. that! they will not miss the opportanity to obtain more remunerative retura, The local market during the latter) part of the week. has manifested a weaker tendency owing tthe reaction which took place-American markets as well as: the ensy undertone of the local yarn Position.
'Tu the circumstances, after taking anvexpansive view. of the present situation. in the- cotton world, one may. deduce' that sooner. or later, and itmay- be. sooner than-expected, a lower level.of privea-will be-ex= perienced,: provided. always, there
the market artificially, Yarn:—Daring the past week. there has been no change in the fundamental conditions of the vara market and although the political situation has shown a more favourable aspect it has proved to be very disappointing generally that the demand continues to be restricted to a very small scale. About 8,000 to 9,000 bales of different counts
ruling have been booked for" export at Sot ex-whart Spot cxcmil Spek Sensi Ordinaryy Spot ex-ill 34.00 Spot ex-mil 35.00
Ninapo, Spot ex-whart 3200
'Tone' of the Market: to be easier, Steady incline
Text read from the printed page and cleaned; old type leaves the occasional error.