Cotton Price Propped Up by Government’s Cotton Procurement

By CnAgri2012-12-26 10:33:37 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 Dec 24, cotton procurement for short-term state reserve totaled 4.896 million MT this year, including 2.219 million MT in Xinjiang ,1.479Million MT in other provinces, including 1.198million Mt  in  key enterprise accounting for 24.89%, 22.25% and 15.87% of the procurement Volume. in Hubei，Shandong and Hebei, of the nation’s total (Xinjiang excluded) respectively.
 
    The procurement price of Grade Three seed cotton went up 0.88% last week over the outset of the procurement and 2.85% 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”