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Reduce share of cotton – textile body advises spinners
25
Sep '10
The China Cotton Textile Association had organized an informal discussion recently in Beijing by convening relevant leaders from more than 20 key enterprises and the National Development and Reform Commission, Ministry of Industry and Information Technology in view of current trend of rising cotton prices.

The association advised companies to pay close attention to changes in the domestic cotton production and textile situation, make a calm analysis and then prepare a rational response. The Association also suggested companies not to follow baseless speculations and meanwhile they should guard against operational risks.

Prices of cotton futures, e-match market, state cotton reserves auction and cotton spot have increased sharply since September. Purchase prices of new cotton and seed cotton are over 8 Yuan / kg, New York futures price has also reached the highest level in last 15 years.

Participants generally agreed that cotton production this year may be a slightly lower than last year, subject to weather and natural disasters and quality may also be affected. Current situation of textile industry has improved considerably in 2010, when compared with the same period of 2009 and expects that demand in the New Year will continue to increase.

Honorary President of China Textile Industry Association Wen-Ying Xu emphasized that the demand and supply of cotton will worsen if there is a sharp drop in cotton production. He said that, new cotton will come into the market in large quantities shortly and that enterprises should not get into a panic mode of buying.

He advised the cotton textile producers not to follow the trend of speculation, but should guard against market risks. He also called on cotton spinning enterprise to reduce the proportion of cotton consumption, in order that, they do not face any supply-demand challenges in the coming months.

Fibre2fashion News Desk - China

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