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Cotton price rises with plunging imports

Jun '07
According to the sample survey of state cotton monitoring system, based on estimates, national cotton output stands at 6.73 million tons, harvesting progress at 99.4 percent, delivery pace at 96.42 percent.

As of June 13 statistics, state has purchased 6.45 million tons of cotton in total, an increase of around 17.7 percent on year. Ginned cotton reached 6.38 million tons, a boost of over 20 percent.

Sale figures of cotton touches 5.60 million tons, with a rise of 52.2 percent, plus 30 tons cotton purchased from Xinjing, the national cotton trades are projected at 5.9 million tons, 14,000 tons higher than June 7. As of May 2007, the national inventory at industry and commercial levels amounted to 1.98 million tons.

Cotton imports during the current year have dropped substantially. According to customs statistics, from August 2006 to May 2007, China imported 1.82 million tons. Monthly average was less than 200,000 tons, a drop of 48.4 percent on year.

According to June forecast by USDA, during the current fiscal year 2006-07 (from September 2006 to August 2007), China's total cotton imports will be about 2.558 million tons, which is around 1.8 million tons lower than the forecast of August 2006, a decrease of 41 percent.

From June 8 to 14, 2007, domestic cotton price rose substantially, the average price of cotton 328 grade stood at 13,212 yuan per ton, hiking 136 yuan per ton, or 1.04 percent, compared with June 7.

Fibre2fashion News Desk - China

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