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Low cotton price prompts mills to go on a purchase drive
10
Sep '08
Cotton inventories in the domestic market are still overstocked and to top it up new cotton arrival is yet to come. This, along with a host of other factors, has invariably led to a decline in the price of cotton in Xinjiang.

Price of cotton in Xinjiang has tumbled from its initial peak and is currently being sold at 13,500 yuan per ton. However, the price is still higher than that for the new cotton which is being traded at 13,000 yuan per ton. As such, even the purchase price has been pulled lower from last year's high as settlement is made only on the previous carload after receiving the new consignment.

Industrial sources believe that price for new cotton would remain stable at 13,000 yuan and is unlike to decline further beyond that level. Adjustments would be made in the cotton purchase scheme according to the actual market situation and needs of the factory.

It has also been reported that a huge quantity of Shandong cotton is expected to get into the market around mid-September. In fact, a number of enterprises have also made enquiries as to the quality, price and other major indicators, in order to ensure the stable quality of their products. A large volume of new cotton is likely to be purchased by the end of September or early October.

Fibre2fashion News Desk - China

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