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Contrary views prevail on price of cotton in near future
08
Apr '09
The reserve purchase plan of 2.72 million tons of cotton this year has been basically completed and now the cotton market will face an important and crucial period without supporting factor of cotton procurement by the state.

Currently there are two contrary views prevailing towards cotton price movement. The first feels that cotton price will probably decline to 11000-11500 Yuan, since state procurement has ended and there will be no price support now onwards.

The other viewpoint which is countervailing to the first avers that from now onwards cotton price will display a strong trend since stocks are low in the open markets due to the state intervention and some have even begun to store cotton on that hope.

Experts do not suggest an optimistic outlook and quote export figures from the textile and garment sector which registered US $6.705 billion in February 2009, down 55.98 percent from the previous month, and 34.83 percent from the same period last year.

Even though all countries in the world have taken measures to restore their respective economies, no remarkable results have been seen till date and cotton prices will be influenced and move up or down on signals received from these overseas economies.

Among other factors influencing cotton prices is whether China will continue to purchase cotton or sell reserved cotton or what specific initiatives China will introduce on import quota certificates, as all these factors will play decisive roles towards cotton price.

Fibre2fashion News Desk - China

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