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China continues to release 2011 cotton from reserves
22 May '13
1 min read
The Government of China is continuing to release cotton grown in 2011 and 2012 from its state reserves.
Although the Government released over 70,000 tons of cotton from the reserves on May 21, only about 22,000 tons of cotton was procured by traders and textile enterprises.
Of the cotton sold from the reserves, 11,660 tons of cotton was from the Government’s 2011 domestically grown cotton reserves, while another 1,456 tons of cotton traded was cotton imported in 2011. In addition, 8,974 tons of last year’s cotton was also traded.
The average price of cotton sold from the reserves on May 21 was 18,997 yuan/ton, an increase of 1 yuan/ton from the previous trading day.
The average price was equivalent to the price of cotton grade 328 at 19,305 yuan/ton. The price was 48 yuan/ton lower compared with CC Index 328 price on the same day.
As of May 21, more than 1.651 million tons of cotton has been sold by China from its state reserves to domestic textile enterprises and traders.
Fibre2fashion News Desk - China
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