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Cotton reserves auction fails to enthuse buyers
03
Jun '09
In order to alleviate cotton supply shortage of textile enterprises, the state decided on May 22 that China would release 1,500,000 tons cotton reserves through online auction in national cotton trading market.

But the most surprising part is that the situation of the four days of auction is far from ideal. According to the latest news, trade volumes on the fourth day of auction are only half of the auction target.

Defending the low volumes, experts point out that the auctions have just begun and textile enterprises are still not fully prepared for the auction, but the main reason is that the asking price is higher than expectation.

The starting price of the current season's new cotton is 12,900 Yuan per ton, which is higher than the current market price. Adding other transactions costs, the landing cost of cotton works out to 13,200 Yuan per ton.

Influenced by the release of cotton reserves, cotton market prices have dropped further to about 12,900 Yuan per ton, which has in turn brought down the interests of cotton buyers.

Fibre2fashion News Desk - China

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