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China buys over 5mn tons cotton for reserves in 2013
Jan '14
On September 9, 2013, the China National Cotton Reserves Corporation (CNCRC) officially launched the 2013 annual purchase and temporary storage of cotton.
As on January 3, 2014, the cotton purchased by the CNCRC totaled 5.017 million tons, of which, Xinjiang cotton was 1.977 million tons or 39.4 percent, mainland cotton was 1.346 million tons or 26.8 percent and cotton from backbone enterprises was 1.694 million tons or 33.8 percent of the total.
Meanwhile, to ensure stable supply and meet the demand of the cotton textile enterprises, the CNCRC started selling cotton from its reserves on November 28, 2013, and as on January 3, 2014, the total cotton sold from reserves was 280,000 tons.
Subsequently, in order to protect the interests of the farmers in Hubei, Hunan and Jiangxi provinces, where the quality of cotton was below standard due to serious natural disasters during the cotton growing season, China Fibre Inspection Bureau issued notification on adjustment of cotton quality standard for these provinces on December 26, 2013.
Cotton picking for the current marketing season has ended in China, and farmers are actively selling their crop, and cotton reserves have increased steadily. With the Spring Festival approaching, thin trading is being observed in domestic yarn and cloth market.

Fibre2fashion News Desk - India

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