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Average cotton price up in May

01
Jul '10
Recently, the monitoring and warning expert team of agricultural product market under the Ministry of Agriculture issued cotton market monitoring information of May 2010.

In May, the average price of cotton grade 328 was 16,774 Yuan / ton, up 31.3 percent year on year, and a growth of 3.0 percent from the previous month.

In May, the average price of Cotlook A (equivalent to domestic cotton grade 328) index was 89.75 cents / lb, up 44.9 percent year on year, and 1.9 percent from the previous month, set another new high in history.

May Cotlook A index was equivalent to RMB 13,506 Yuan per ton, 3,268 Yuan lower than domestic cotton price, the spread widened 132 Yuan compared with the previous month.

The average price of imported cotton price index FC Index M level (M level equivalent to China's cotton grade 328) was 90.80 cents / lb, which when converted stood at 15,796 Yuan / ton CIF China, when being calculated against 1 percent tariff, 978 Yuan lower than domestic price.

According to customs statistics, China's cotton imports registered 324,000 tons in April, unchanged from the previous month, up 122.5 percent year on year. As of April, China's total imports of cotton realized 1.72 million tons in 2009/10, up 94.4 percent year on year.

According to May report from the International Cotton Advisory Committee (ICAC), 2010/11 world cotton area is expected to rebound, production is expected to increase 13 percent to 24.83 million tons.

Global trade will be 7.74 million tons, of which China's imports will increase by 22 percent to 2.6 million tons; stocks outside of China is expected to be 51 percent higher than consumption, the same with the current year. Cotlook A Index is expected to average at 85 cents / lb, 8 cents / lb higher than current year.

Fibre2fashion News Desk - China


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