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Cotton reserves auction records highest price transaction

21
Dec '09
As of December 15, the accumulated transactions of the third installment of state released cotton reserves completed 339,000 tons, accounting for 67.81 percent of the planned release amount of the third installment.

Among them, total turnover of 2006 and 2007 reserves registered 274,800 tons, accounting for 76.11 percent of planned amount and that of 2008 reserves touched 64,300 accounting for 46.23 percent of planned amount.

Transaction prices remained at high level particularly of the 2006 and 2007 cotton reserves. Trading price of 2006 and 2007 cotton of grade 328 was 15,189 Yuan per ton while, that of 2008 cotton of grade 328 averaged at 14,878 Yuan per ton.

Spot prices in the domestic cotton markets too were in high level of consolidation. As of December 15, price of domestic standard grade (328) cotton was 14,832 Yuan per ton.

With regards to proper supplies of cotton in the markets, the state will strive to meet the demands of the textile industry and will as much as possible meet it in terms of quantity and quality throughout the period of the new cotton year.

Fibre2fashion News Desk - China


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