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Largest ever purchase for Chinese cotton reserve on Dec 21
24
Dec '12
The Chinese reserve continues to accumulate cotton at break-neck pace, including what was almost certainly the largest ever one-off purchase of cotton, today, on December 21st 2012: 380,000 tons of domestic cotton, for which the reserve paid roughly $1.2 Billion USD. 

Cotton futures managed to finish higher for both the day and week and remain in a rising channel since hitting a low of 69.79 on November 8th. 

While futures’ strength has put noticeable pressure on the physical basis, multiple factors have proven constructive: consistently US strong export sales; the de-cert of much of the cotton tendered against the December contract; a friendly technical set-up that has attracted some specs back to the long side of the market; ideas that the worst has already been factored into S&D estimates; stronger yarn prices and healthy hand-to-mouth demand in much of Asia and the subcontinent; and the fact that merchants are only likely to sell futures into a rising, not falling, market.
 
A possible release of import quota in combination with reserve re-sales could also have a positive impact, although going forward policy for the 13/14 season remains a big question the market will have to grapple with in Q1 and Q2 2013 as well.
 

ECOM USA


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