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State to increase volumes of cotton auction reserves

22
Jul '09
According to the announcement released yesterday by the China Cotton Association, the objective of the national macro-control policy is to protect and stabilize cotton market and to attain that objective the state will release cotton in adequate quantities.

To begin with, the state will increase supply volume of cotton reserves to 5000 tons per day and will also appropriately increase the number of warehouse in places where cotton demand is large, by setting up large, medium and small warehouses;

It will also suspend cotton auction carried out by agents of cotton trading companies and will improve transportation infrastructure in Xinjiang to ensure timely delivery of cotton after transactions of cotton reserves are concluded.

Normally new cotton arrives in the market in October, so the months of July and August face temporary shortage in supply due to which cotton supply position becomes extremely tight in those months.

At present most of the cotton in stock has been processed and the cotton reserves will become main avenue to ease supply situation in the market, therefore, the state has decided to release 5,000 tons of cotton per day, aiming to meet the demand.

Fibre2fashion News Desk - China


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