China Cotton Association: The Government Is Preparing To Put In 600 Thousand Tons Of Reserve Cotton.

2010/6/29 8:38:00 36

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The Chinese Cotton Association said in a statement Friday that the government is preparing to put in 600 thousand tons.

Reserve cotton

At the same time, we plan to increase the import quota of cotton so as to solve the shortage of raw materials in textile enterprises.

The association did not say how much it increased, but insiders say it could be 1 million tons.

The association said that so far this year, the government has approved 3 million 600 thousand tons of import quota.

The cabinet said Friday that the Chinese cabinet has approved the additional State Council.

quota

At the same time, we plan to put in 600000 tons of cotton to reduce cotton prices.

Last month announced 800 thousand tons of import quotas, slightly easing domestic demand. Due to bad weather this year, tight supply of goods drove cotton prices to new heights.

China's cotton index showed that domestic cotton spot prices reached 16677 yuan / ton on Friday, up 45 yuan from the previous month.

Greenwich

Standard time 0700, the Zhengzhou Mercantile Exchange benchmark January cotton futures price of 16775 yuan / ton, a week rose 0.9%.

In late May, the benchmark contract in Zhengzhou hit a record high of 18340 yuan / ton, and has since come down.

The stock of large textile enterprises is enough to maintain for about 6 months, and the stock of medium-sized textile enterprises may last until the end of August.

If more natural disasters do not occur, the cotton harvest this year may still be good, although the planting time is delayed due to bad weather.

The Cotton Association said that if new cotton picking time was postponed, besides other policies, the government was prepared to expand imports and put in reserve cotton.