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Cotton auctions play effective role in regulating markets

11
Jan '10
The third phase of China's cotton reserves auction completed smoothly in December. The price of cotton grade 328 was 15,259 Yuan per ton on the last trading day, up 269 Yuan over that attained on November 30. The auctions have played an effective role in regulating the cotton markets.

China's cotton spot market stood at around 14,700 Yuan per ton during early and mid-December, but spot prices rose slightly towards end-December due to some factors, such as the conclusion of cotton reserves auction and price rise in futures.

According to national cotton monitoring systems, total national output of cotton is estimated at 6.75 million tons. The state had acquired 6.30 million tons of cotton by the end of December, representing a year-on-year increase of 341,000 tons.

By the end of December, the average price of Chinese cotton price index (CCIndex328) touched 14,873 Yuan / ton, up 115 Yuan / ton over the end of the previous month.

According to customs statistics, China's cotton imports registered 112,900 tons in November, down 5,700 tons from October, or a reduction of 4.8 percent, but grew by 37,000 tons, or an increase of 48.2 percent, when compared with the same month of 2008.

Fibre2fashion News Desk - China


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