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Reserves auction may stem rise in cotton price
30 Aug '07
1 min read
On August 28 China National Cotton Reserves Corporation (CNCRC) announced that after the completion of Government auction of 300,000 tons cotton reserves, cotton prices would not see significant change.
The state owned enterprise, CNCRC stated that spot cotton price and expected cotton price for September at Zhengzhou Commodity Exchange had already dropped to about 14,100 yuan per ton, under the impact of cotton reserves auction.
China started selling cotton reserves since July 16 to ease cotton shortage and stem the cotton price from increasing in domestic market.
CNCRC which manage the state cotton reserve, had earlier said that the state would auction more cotton reserves, if cotton price show a possibility of increase in next few weeks.
The state owned enterprise, CNCRC stated that spot cotton price and expected cotton price for September at Zhengzhou Commodity Exchange had already dropped to about 14,100 yuan per ton, under the impact of cotton reserves auction.
China started selling cotton reserves since July 16 to ease cotton shortage and stem the cotton price from increasing in domestic market.
CNCRC which manage the state cotton reserve, had earlier said that the state would auction more cotton reserves, if cotton price show a possibility of increase in next few weeks.
Fibre2fashion News Desk - China
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