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Open price of cotton expected to be higher than last year
25
Aug '09
According to experts, the climate in most of China's cotton producing areas was normal, conducive to cotton growth and development in the last few days.

At present, sporadic picking of new cotton in individual regions has started and new cotton has started arrived in markets and cotton farmers are holding expectations of selling at a higher price than last year.

After the announcement of increasing another 600,000 tons of cotton reserves for domestic auction, spot cotton prices fell under the influence. International cotton prices also fell due to weaker demand.

Last week, weather conditions in most cotton-growing areas were conducive to cotton growth and development, cotton were in flower and boll stages in many areas.

At present, cotton picking in Xinjiang, Hubei, Hebei, Shanxi, Shaanxi, Shandong has started sporadically, though harvesting in Xinjiang has been postponed to between 7-10 days, from that last year, due to cold climate.

According to the China Cotton Association, harvesting cost in Xinjiang has increased by 0.2-0.3 Yuan per kg this year and open price for new cotton will be higher than last year. Price of cotton (standard grade) is expected to be 5.6-6.0 Yuan per kg.

Currently in Turpan City, open price is at 6 Yuan per kg for seed cotton grade 2 with a lint percentage between at 39-40 percent, while open price in inland is expected to average between 5.85-6.0 Yuan per kg.

Since the production is expected to be less than last year, only a small number of private enterprises are acquiring new stocks, with the rest adopting a wait and watch attitude.

The number of buyers is expected to increase after September; since cotton from the new season will start fully flowing into the markets around mid-September.

Fibre2fashion News Desk - China

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