Based on China Import Formula (CIF), import price of cotton at China's main ports has decreased to 30,455 Yuan/ton in May, in terms of sliding tax, from 36,075 Yuan/ton in April, indicating a drop of 15.6 percent. This was 8.6 percentage points more than the fall in prices in April.
In the world market too, cotton prices have dropped drastically last month, owing to factors like decline in exports of US cotton, dollar remaining strong and other conditions.
For example, in May, futures contract for cotton on New York exchange dropped from 192.86 cents per pound from the earlier month to 156.55 cents per pound, a drop of 18.8 percent. This was 14.9 percentage points more than the fall in prices in April.
Fibre2fashion News Desk - China
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