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Prices & offtake of cotton gradually increase at state auctions

07
Aug '09
In the previous week, the state released cotton reserves totaling to 197,900 ton, of which 193,900 tons was 2008 crop and 3,999 tons were 2003-2004 crop. The auction was able to realize sales of 112,700 tons.

This indicates a total trade rate at 57 percent, up 4 percent from the previous week. The 2003 crop was fully sold out while that of the 2008 crop was 56 percent. The auction price for various grades of cotton continued to rise.

Auction price of second-grade cotton broke through 14,000 Yuan per ton mark, the highest price of third-grade cotton reached 13,960 Yuan per ton. As of July 31, turnover of 2008 cotton has touched 691,900 tons.

Over the weekend, China cotton price index (CC Index 328) was 13,138 Yuan per ton, up 56 Yuan per ton over the previous week. China import cotton price Index FC Index M Index stood at 65.44 cents per lb on July 31.

Fibre2fashion News Desk - India


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