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Cotton prices and market undergoes fluctuations

24
May '08
Mr Shi Jianwei, Executive Vice President of China Cotton Association took the opportunity to explain to the representatives, the operation trend of domestic cotton market in recent years.

Mr Shi recollected that in the past 7-8 years, starting from 2001 to 2008, domestic cotton market price has experienced a number of ups and downs.

Prices went soaring high to touch 17,400 yuan per ton after Spring Festival in 2004 and dropped straight off thereafter.

Then, in August 2007, cotton prices achieved the highest level in nearly three years but again, for only a very short period of time. On September 30, 2007, cotton price fell to 12,990 yuan per ton to record the lowest point of the year. After the National Day, prices abandoned its downtrend and rose by about 600 yuan per ton in late October.

From October 2007 till now, cotton price has maintained a slight fluctuation between 13500-13800 yuan per ton. The market has remained relatively stable and even the index change of China's cotton price has been less than seven percent, while the price change of New York futures is as much as 60 percent.

According to Mr Shi, this recent stability in cotton price was mainly due to insufficiency in demand for the raw material. Further, he also believed that even though natioanl price may be driven by New York Cotton futures price, only domestic factors could play a significant role in cotton market trend.

Fibre2fashion News Desk - China


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