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China to continue buying cotton for state reserves
30 Oct '12
1 min read
The Chinese Government will continue buying cotton for its state reserves until March 31 next year.
The Government began purchasing cotton from September 1 this year at 20,400 yuan/ton. Simultaneously, it released cotton from state reserves at 18,500 yuan/ton during September 3 to September 29, 2012.
At present, while the state purchase price for cotton is 20,400 yuan/ton, the market price is about 18,600 yuan/ton. The state purchase price is providing support to domestic market.
As on October 19, for which the China Cotton Reserves Corporation has released data, the volume of state purchase of cotton for national reserves has crossed 1 million tons, which is 150 times more than the amount of cotton purchased during the same period last year.
It is estimated that cotton storage by China Cotton Reserves Corporation touched about 4 million tons last year, supposed to be the highest ever recorded in Chinese history.
Fibre2fashion News Desk - China
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