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Cotton prices display a volatile trend in March
28
Apr '08
Last month, a slight rise in cotton price was observed in the domestic market. Affected by RMB revaluation, textile exports marked losses. There were other factors including limited exports, poor demand from downstream sector and slow procurement of raw materials by textile enterprises, also affected the sector.

According to China Cotton network monitoring, in early March the average selling price for grade 3 level was nearly 13,926 yuan per ton in Chinese market, which reduced to 13,904 by mid-March, and rebounded to 13,936 towards the end of the month.

The average cotton price last month was approximately 13,921 yuan per ton, witnessing a growth of 143 yuan, an increase of 1.0 percent, when compared to February. It also shows that cotton prices augmented almost 879 yuan than the same period last year, experiencing a rise of 6.7 percent.

By the end of March, cotton grade 3 from Memphis and Texas, in terms of US dollar quoted for 74.6 cents per pound (CIF). Calculated by 1 percent import quota tariff, plus value-added tax, port charges and domestic freight, cotton prices came up to nearly 13,543 yuan per ton, 391 yuan lower than domestic growth over the same period.

This oscillating trend for cotton prices has become a matter of concern for the domestic users and experts suggest that this situation needs immidiate attention.

Fibre2fashion News Desk - China

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