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Govt body claims cotton prices have eased
18
Nov '10
China National Cotton Reserves Corporation recently announced that, in recent days, prices of bulk commodities, including cotton, have generally declined due to the impact of macro-control policies by the government.

The Corporation revealed that, cotton harvesting in most areas is nearing the end and seed cotton prices began to fall since Friday.

Standard grade cotton price in inland averaged at 31220 Yuan / ton on November 12, up 8.4 percent from the previous week; purchase price of seed cotton grade 3 was 13.72 Yuan / kg over the same time, up 7.4 percent and equivalent to lint price of 29,827 Yuan / ton, up 8.4 percent.

China National Cotton Reserves Corporation expects that cotton market will follow the trend of cooling in speculation, in both domestic and international markets, rational atmosphere will be strengthened, due to which, domestic cotton price may continue to decline amid adjustment.

Transportation of cotton in Xinjiang region is speeding up since early November and the daily number of wagons loaded has risen to 300, up 100 wagons, when compared with same time in the previous year. This has resulted in cotton supply increasing, leading to a cooling down of cotton prices.

The notice also pointed out that recently international cotton prices have fallen, due to the impact of several factors, including credit tightening by Chinese central bank, sharp rebound of the dollar index.

As of November 12, CIF price of imported cotton at China's main ports averaged at 172.05 cents / lb, up 3.4 percent from its previous week. The price was equivalent to 29,076 Yuan / ton of landed mill price, when being calculated at 1 percent duty, which is about 2,144 Yuan per ton lower than domestic market price.

When calculated at floating rates the landing price of imported cotton stood equivalent to 29,362 Yuan / ton of landed mill price, about 1,858 Yuan per ton lower than domestic market price.

Fibre2fashion News Desk - China

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