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Cotton import accelerate as Intl prices dip
23
May '08
Cotton procurement process recently came to an end and prices for the raw material dropped significantly in the international market. Consequently, cotton imports increased together with an expansion in textile production and exports.

For the month of April, landed mill price of standard class averaged at 13,909 yuan per ton, down by 12 yuan or 0.1 percent from the previous month. In the national cotton trade market, the matching price of July 2008 contract stood at 14,460 yuan per ton, down by 614 yuan or 4.1 percent from March.

Moreover, Zhengzhou cotton futures price for July 2008 contract reached 14,564 yuan per ton, dropping 765 yuan or 5 percent compared to the previous month.

Affected by continued rise in US dollar and other factors, New York cotton futures of July contract averaged at 71.32 cents per lb, down 6.43 cents or 8.3 percent from the previous month. Cotton Investment Forum (CIF) price in major Asian ports was 78.85 cents per lb (M-class), down 2.26 cents or 2.8 percent from the previous month. The price was converted into 14,091 yuan per ton when calculated against 1 percent tariff, 182 yuan higher than domestic price. The same price would be changed into 14,600 yuan per ton when calculated against slide tariff, 691 yuan higher than domestic market price.

According to customs statistics, in April, China's cotton imports reached 263,000 tons, an increase of 50,000 tons or 23.7 percent from the previous month, representing a rise of 48,000 tons or 22.5 percent from the same time last year. From last September to April this year, China's cotton imports totaled 1.59 million tons, a year-on-year increase of 18.8 percent. From January to April this year, China's total cotton imports were registered at 790,000 tons, an increase of 69,000 tons or 9.6 percent from the same period last year.

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