China's cotton reserves crossed 65,000 tons mark last week. China National Cotton Reserves Corporation, Chinese Government's reserves agency, purchased more than 15,000 tons of cotton last week and currently has reserves of 65,960 tons, the agency said.
The country's cotton purchase and storage plan is aimed at providing support to cotton price, and thereby encourage farmers to increase production.
The price of cotton in China has declined by about 40 percent from the record 32,000 yuan in February to about 19,000-20,000 yuan at present, according to data released by China Cotton Association.
During the January-September period of 2011, China imported 1.94 million tons of cotton, representing a decrease of 10 percent year-on-year, as per the figures released by the General Administration of Customs.
Farmers are selling their harvested cotton to National Cotton Reserves Corporation at 19,800 yuan per ton, which is slightly higher than the market price. This is accelerating the process of cotton purchase and storage.
Currently, cotton price is lower in the Chinese market owing to weak demand from the textile industry.
Fibre2fashion News Desk - China
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