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China's state cotton purchase plan moves ahead
Sep '12
The national cotton purchase and storage begun by China on September 10 is slowly moving ahead.
On September 18, China planned to buy 50,000 tons of cotton for state reserves, but was able to buy only 9,240 tons, which was 18.5 percent of the planned amount.
The quantity of cotton purchased was, however, 6,480 tons more than the amount of cotton purchased a day earlier.
From Xinjiang province, 8,400 tons or 42 percent of the planned 20,000 tons of cotton was purchased.
In comparison, only 840 tons or 2.8 percent of the planned 30,000 tons of cotton was purchased from inland warehouses.
As of September 18, China has purchased a total of 14,920 tons of cotton under its temporary purchase and storage plan, of which, 4,320 tons was purchased from inland warehouses while 10,600 tons were bought from Xinjiang.
Under its national cotton purchase and storage plan, the Chinese Government is procuring cotton at a price of 20,400 Yuan/ton, up 600 Yuan/ton compared to last season’s state cotton purchase price of 19,800 Yuan/ton.

Fibre2fashion News Desk - China

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