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Cotton reserves auction picks pace
Jun '09
In the previous week (June 15-20), a total of 162,404 tons was sold under the auction plan for cotton reserves, up 29 percent from the previous week, of which, 2003 crop accounted for 49 percent and 2008 crop formed 51 percent.

The daily weighted average price ranged from 12,492 Yuan per ton to 12,705 Yuan per ton, up about 150 Yuan per ton from the previous week. Impacted by significant increases in U.S dollar, global cotton market prices fell substantially in the same period.

As a result of increased quantity, competitive bid among enterprises was fierce. As of June 19, the total cotton reserves sold was 296,032 tons, of which 2003 crop and 2008 crop accounted for 45 percent and 55 percent, respectively.

FC Index (Chinese cotton import price index) marked 62.35 cents per lb on June 19, which stands at 10,907 Yuan per ton when calculated under 1 percent tariff (for tariff quotas).

When calculated under floating tariff (for imports outside tariff quotas) the price stood at 12,529 Yuan per ton which is 256 Yuan per ton lower than domestic market price.

Fibre2fashion News Desk - India

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