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July contract rates for cotton slide
Jul '08
In June 2008, average landed mill price of standard-class cotton was between 13,943-13,946 yuan per ton, up 35 yuan or 0.3 percent from the previous month.

Meanwhile, price of July contract in national cotton trade market was around 14,220-14,222 yuan per ton, down 184 yuan or 1.3 percent from that in June. July cotton futures contract in Zhengzhou Cotton Exchange was 13,761 yuan per ton, registering a drop of 417 yuan or 2.9 percent from the previous month.

Affected by tense capital, textile enterprises are squeezing out the raw material inventories, and have adopted the hand-to-mouth buying system.

According to the survey, by end of June, average lint sales rate of cotton enterprises was 81.3 percent, sliding over 9 percentage points, and average lint sales rate of Xinjiang supply and market cooperative system was 77 percent, marking a plunge of 11.1 percentage points from the same time last year.

Reportedly, from September last year to June 2008, the Urumqi Railway Bureau shipped out 2.33 million tons of Xinjiang cotton in total, representing a year-on-year fall of 175,000 tons.

Based on statistics from Xinjiang Autonomous Region, by the end of June, Xinjiang still had around 600,000 tons of cotton stocks, only 200,000 tons less than that by the end of May.

In late June, the state announced a support policy for cotton distribution from Xinjiang, where the state would provide 400 yuan per ton as freight subsidies for region's cotton to be shipped out.

According to customs statistics, China imported 211,000 tons of cotton in June, a year-on-year decrease of 41,000 tons or 16.4 percent, registering a dip of 29,000 tons or 12.1 percent from the previous month.

From January to June this year, China's total cotton imports reached 1.242 million tons, a surge of 65,000 tons or 5.5 percent from the same period last year.

From September last year to June this year, total cotton imports registered 2.04 million tons, a hike of 248,000 tons or 13.9 percent from a year earlier.

Fibre2fashion News Desk - China

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