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Third cotton reserves auction witnesses' buyers stampede
23
Nov '09
The third round of trade auction of national cotton reserves was launched again on November 20 and as expected, it witnessed a mad stampede on the first day of the auction. In all, 16,123 tons was sold out and weighted closing price was 14,974 Yuan per ton, significantly higher than the previous rounds.

It is worth mentioning that all the auctioned cotton reserves on the first day were Xinjiang cotton and the highest bid stood at 15,400 Yuan per ton, which is the highest price since auctioning of state reserves began in 2009 and also was the highest bid price for old cotton.

On the first day, a total of 239 dealers participated in the auction and the maximum bid price was 15,400 Yuan per ton, while the lowest bid price was 14,610 Yuan per ton. As planned, the third installment of the state reserve cotton auction is for 500,000 tons.

Fibre2fashion News Desk - China

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