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State-reserved cotton to be sold
Source: Xinhua |
June 3, 2009, Wednesday
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CHINA'S National Development and Reform Commission, the top economic planning body, said yesterday that 1.52 million tons of state-reserved cotton would be sold on the domestic market to meet growing demand.
The NDRC and the Ministry of Finance made the decision on May 20, but the commission did not specify when the release of the cotton would be completed, according to a statement posted yesterday on the NDRC Website.
The amount of state-reserved cotton is abundant and government agencies will decide on the appropriate time to sell the cotton, said the statement.
NDRC figures show that cotton prices rose by 2,000 yuan (US$293) a ton in China from November to the end of April, due to a supply shortfall.
Cotton prices on the Chinese market reached 13,152 yuan a ton on Sunday, while the average monthly price stood at around 11,619 yuan a ton in November, according to data from the Website www.cncotton.com run by China National Cotton Reserve Corp.
The commission said the reserve bidding price for state-reserved cotton was 12,600 yuan a ton from Sunday.
China is one of the world's leading cotton producers, harvesting 7.8 million tons last year. The state bought 2.72 million tons of cotton from August to March this year.
The NDRC and the Ministry of Finance made the decision on May 20, but the commission did not specify when the release of the cotton would be completed, according to a statement posted yesterday on the NDRC Website.
The amount of state-reserved cotton is abundant and government agencies will decide on the appropriate time to sell the cotton, said the statement.
NDRC figures show that cotton prices rose by 2,000 yuan (US$293) a ton in China from November to the end of April, due to a supply shortfall.
Cotton prices on the Chinese market reached 13,152 yuan a ton on Sunday, while the average monthly price stood at around 11,619 yuan a ton in November, according to data from the Website www.cncotton.com run by China National Cotton Reserve Corp.
The commission said the reserve bidding price for state-reserved cotton was 12,600 yuan a ton from Sunday.
China is one of the world's leading cotton producers, harvesting 7.8 million tons last year. The state bought 2.72 million tons of cotton from August to March this year.
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