Cotton Price Propped Up by Government’s Cotton Procurement
By CnAgri2012-11-28 10:44:50 Print Due to bumper cotton harvest and substantial imports, cotton stock has swelled this year, exerting a pressure on cotton market price. Thanks to the government’s massive cotton procurement, cotton price is stable at present.By November 23, cotton procurement for short-term state reserve totaled 2.733 million MT this year, including 1.774 million MT in Xinjiang and 958,840 MT in other provinces, accounting for 50.82%, 93.38% and 28.82% of the procurement plan respectively. Cotton procurement volume recorded 236,700 MT in Hubei, 225,500 MT in Shandong and 138,000 MT in Hebei, accounting for 24.8%, 23.66% and 14.49% of the nation’s total (Xinjiang excluded) respectively.
The procurement price of Grade Three seed cotton went up 1.56% last week over the outset of the procurement and 3.74% over the same period of last year. The average seed cotton procurement in this year is parallel to last year, conducive to stable cotton acreage next year.
From “China Cotton Bi-Weekly Market Report”
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