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Govt may intervene if cotton prices continue to spiral

10
Jun '10
The China National Cotton Reserves Council has said that authorities are closely following the continuing trend of rising cotton prices and they will maintain stability in cotton prices by taking timely control measures.

Domestic cotton market remained strong amid steadiness last week. Standard grade cotton averaged at 17,516 Yuan / ton in inland on June 4, up 1.1 percent from the previous week. Imported cotton (M level) stood at 89.87 cents / lb (CIF Chinese ports).

The import cost is equivalent to 15,840 Yuan / ton, if calculated under 1 percent tariff, which is lower by 1,676 Yuan per ton when compared with domestic price. The spread enlarged 338 Yuan from the previous week.

The import price is equivalent to 16,257 Yuan per ton on basis of sliding tax, which is also down by 1259 Yuan per ton, when corresponded with the prevailing local price. The spread enlarged by 337 Yuan per ton from the previous week.

China National Cotton Reserves Council is of the opinion that, cotton prices will gradually return to rational level, as sustained recovery of textile industry is facing greater uncertainty and demand-pull role will be weaker in the coming days.

Fibre2fashion News Desk - China


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