Purchasing and Storage of Cotton Top 2 Million Tons

On September 10, China National Cotton Reserves Corporation initiated the temporary cotton purchasing and storage work of 2012. The transaction began on September 13. By November 6, the purchased and stored cotton had topped 2.06 million tons, registered a 7.3 times increase compared with same period of last year. The cotton purchased from Xinjiang reached about 1.46 million tons, accounting for 70.6% of the total, while cotton purchased from other provinces totaled 607,450 tons, covering 29.4%.

The cotton price maintains at a stable level. Since the debut of the purchasing and storage plan, the average price of seed cotton has maintained at about CNY 4.2/500 kg; the price of Grade 328 ginned cotton rose by 0.2% from CNY 18,756/ton on September 13 to CNY 18,798/ton on November 6; the recent cotton futures price on Zhengzhou Commodity Exchange increased by 2.7% from CNY 18,630/ton on September 13 to CNY 19,135/ton on November 6.