Home / Knowledge / News / Textiles / State raises cotton reserve plan

State raises cotton reserve plan

04
Nov '08
China Cotton Reserves Management Corporation announced on October 29, 2008, that the state decided to increase cotton reserve plan to 1 million tons, including both Xinjiang and Inland cotton under the new system. This reserve volume is much larger than previous expectation of 200,000-500,000 tons.

Minimum protection price for the new reserve stands at 12,600 yuan per ton. The key aim of this state control is to help farmers attain basic security. Seed cotton price is close to 5.4-5.6 yuan per kilogram, and is calculated at about 12,600 yuan per ton.

However, as of October 30, cotton spot price in China was still less than 12,000 yuan per ton, seed cotton price was around 4.2-5.30 per kilogram.


On October 29 itself, the daily reserve plan of 20,000 tons cotton was completed in less than three minutes, with average trade price at 12,600 yuan per ton.

This was just the start of the 1 million tons reserve project. Next day, the purchase of the daily reserve plan of 14,200 tons was completed

By the end of August this year, Cotton Reserve Company purchased more than 80,000 tons of 2007 growth through open auction. Meanwhile, by the end of October it acquired 220,000 tons new cotton of 2008 growth.

Experts say that, nevertheless it still remains to be seen whether the 1 million tons of reserve purchase plan could bring in real benefits to farmers.

Fibre2fashion, News Desk - China


Must ReadView All

Pic: Shutterstock

Textiles | On 12th Aug 2020

Chinese textile companies' revenues decline in H1

Revenues of major Chinese textile companies with an annual turnover...

Pic: Shutterstock

Textiles | On 12th Aug 2020

Bangladesh's BEZA, Yabang Group sign land lease agreement

Bangladesh Economic Zones Authority (BEZA) recently signed a land...

Pic: BAIRD GROUP

Retail | On 12th Aug 2020

UK's Baird Group unveils CVA proposals

The Baird Group is the latest UK retailer to launch a company...

Interviews View All

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Laxmikant Rathi,

Laxmikant Rathi

With more than 60 years of experience in the textile industry, Ideal...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search