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Cotton prices inch upwards
22
Sep '09
In the previous week, spot prices of domestic cotton market slightly rose amid steadiness. Textile factories have purchased adequate inventories in recent days and in comparison with new cotton, cotton reserves were more popular.

Weekly average price of China Cotton Index (CC Index328) during the last week stood at 13,041 Yuan per ton, up 74 Yuan from its previous week and price of grade 229 was 13,382 Yuan per ton, up 57 Yuan and price for grade 527 was 11,999 Yuan per ton, up 137 Yuan.

During the four days of auction, the state released a total quantity of 60,080 tons under release plan of cotton reserves. Actual turnover registered 53,304 tons; turnover ratio was 89 percent, up 15 percent compared with the previous week.

Among them 16,181 tons were 2005 cotton reserves, all of which was sold off and 43,899 tons were from 2008 cotton reserves, of which 37,123 tons were traded.

As of September 17, the state has released 1,668,503 tons of cotton reserves, of which, 1,097,791 tons were 2008 cotton reserves, 527,248 tons were 2003/2004 cotton reserves, and 43,464 tons were 2004/2005 cotton reserves.

Fibre2fashion News Desk - China

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