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China releases cotton from state reserves at steady pace
26 Sep '12
1 min read
China is continuing to release cotton from National Cotton Reserves, which it started on September 3, at a steady pace.
On September 25, the Government released 44,922.89 tons of cotton from the reserves, of which around 55.12 percent or 24,760.43 tons of cotton was traded. The traded volume was 5,315.14 tons more than the quantity traded on the previous day.
The average length of cotton fibre sold on September 25 was 27.89 mm, which was 0.06 mm more than the average length a day earlier.
The average trading price was 18,468 Yuan/ton, which was equivalent to the transaction price of 18,594 Yuan/ton for cotton grade 328, a decrease of 47 Yuan/ton from previous day. The price was 69 Yuan/ton lower than CC Index 328 price on the same day, and 394 Yuan/ton less than the traded price of next month’s contract in cotton market.
By September 25, China has overall released 365,683.99 tons of cotton from state reserves into the domestic market at an average price of 18,529 Yuan/ton, which equals to transaction price of 18,632 Yuan/ton for cotton grade 328. The average length of cotton fibre sold so far was 27.87 mm.
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