CTEI: With manufacturing slowly recovering amid improving economic conditions, cotton demand has increased prompting more orders among mills. However, with a deficient supply of cotton in the market, prices extend gains since Oct. 2009.
In July 2010, China Cotton Index for 329-grade cotton reached at 18,500 yuan/ton. More and more cotton mills were begging the government to sell state reserve cotton by auction, as well as to give them import quotas for cotton as soon as possible. Accordingly, the government decided that from Aug. 10 2010 to Oct. 2010, China will release 600,000 tons of cotton reserves.
Auctions Touch 57% of Release Plan
By Sep. 9, the cotton was sold at an average weighted price of 17,688 yuan ($2,601) a ton, the China Cotton Association said. The government has sold 56.62 percent of the 600,000 tons it plans to release, the group said.
Table 1. Release volume for cotton reserves by day
Date (working days) | Plan volume (ton) | Real deal volume (ton) | Average class | Average length ��mm�� | Average weighted real deal price (CNY/T) | Real deal price for 329-grade (CNY/T) |
Aug. 10 | 15029 | 15029 | 3.35 | 28.43 | 18208 | 18318 |
Aug. 11 | 14483 | 14483 | 3.61 | 28.32 | 18178 | 18453 |
Aug. 12 | 15106 | 15106 | 3.47 | 28.33 | 18231 | 18429 |
Aug. 13 | 15005 | 15005 | 3.5 | 28.32 | 18128 | 18342 |
Aug. 16 | 14989 | 14989 | 3.52 | 28.36 | 18039 | 18257 |
Aug. 17 | 15083 | 15083 | 3.5 | 28.35 | 17963 | 18167 |
Aug. 18 | 14594 | 14594 | 3.81 | 28.32 | 17680 | 18055 |
Aug. 19 | 13974 | 12974 | 3.75 | 28.34 | 16645 | 16960 |
Aug. 20 | 13576 | 13576 | 3.83 | 28.3 | 17502 | 17885 |
Aug. 23 | 12065 | 12065 | 3.75 | 28.3 | 17689 | 18036 |
Aug. 24 | 13349 | 13349 | 3.87 | 28.3 | 17750 | 18161 |
Aug. 25 | 14258 | 14258 | 3.84 | 28.31 | 17776 | 18169 |
Aug. 26 | 14612 | 14612 | 3.92 | 28.3 | 17688 | 18120 |
Aug. 27 | 14143 | 14143 | 3.87 | 28.37 | 17649 | 18051 |
Aug. 30 | 15018 | 15018 | 3.81 | 28.33 | 17880 | 18254 |
Aug. 31 | 15013 | 15013 | 3.91 | 28.28 | 17997 | 18437 |
Sep. 1 | 15082 | 15082 | 3.76 | 28.37 | 18052 | 18393 |
Sep. 2 | 15099 | 15099 | 3.8 | 28.26 | 18064 | 18449 |
Sep. 3 | 15040 | 15040 | 3.9 | 28.31 | 18115 | 18546 |
Sep. 6 | 15011 | 15011 | 3.81 | 28.43 | 18552 | 18922 |
Sep. 7 | 15068 | 15068 | 3.88 | 28.29 | 18902 | 19349 |
Sep. 8 | 15081 | 15081 | 3.87 |
|
