According to the survey of National Cotton Market Monitoring System, by the end of November, sales rate of farmers for cotton stood at 63.3 percent, a drop of 11.7 percentage point's year-on-year. New cotton processing rate of ginning mills was 56.4 percent, down 16.8 percent year-on-year while average sales rate was 15.5 percent, down 17.8 percent year-on-year.
As of end of November 2008, under the cotton procurement plan, the state acquired 658,000 tons of cotton, representing 54 percent of the announced plan of 1,220,000 tons, of which Xinjiang cotton was 537,000 tons and inland cotton 121,000 tons.
In the first half of November, domestic cotton prices continued to decline. In the second half of the month, the effects of procurement gradually began to show, market confidence was restored, domestic cotton market gradually picked up and purchase and sale prices rebounded from the earlier declining trend.
In early November, purchase price for domestic seed cotton grade 3 was 4.96 Yuan per kg which fell to 4.6 Yuan per kg on November 18. Since then the fall has been arrested and it has now stabilized at 4.63 Yuan per kg by end of November.
In early November, landed mill price of standard cotton grade 3 for inland cotton was 11,833 Yuan per ton which fell to 10,658 Yuan per ton on November 22. The declining trend has since stopped and now prices have climbed back to 10,677 Yuan per ton by the end of November.
Zhengzhou cotton futures and electronic trading price at the National Cotton Exchange also followed the same pattern of rebounding from earlier declining trend. By the end of November, January contract prices of cotton futures and online matching level were 11250 Yuan and 10827 Yuan per ton, respectively, up 940 Yuan and 405 Yuan per ton from the lowest points in mid-November.
Fibre2fashion News Desk - China
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