Policy change China to cut sale price for cotton from its strategic reserve

News Tags: China Cotton Association, Cotton policy in China, cotton price in china, May cotton contract, New York cotton futures, reserve building policy

New Delhi
China to cut sale price for cotton
Summary: 
From 1 April, the Chinese government will accept bids as low as 17,250 Yuan a ton for standard-quality cotton in its daily auction. This will be 4.2 percent below the current floor price of 18,000 Yuan, stated China Cotton Association on 24 March. The move will bring the prices closer to world market and make import of fibre less appealing to its domestic mills. It will also release some of the stockpile on the global market.

From 1 April, the Chinese government will accept bids as low as 17,250 Yuan a ton for standard-quality cotton in its daily auction. This will be 4.2 percent below the current floor price of 18,000 Yuan, stated China Cotton Association on 24 March. The move will bring the prices closer to world market and make import of fibre less appealing to its domestic mills. It will also release some of the stockpile on the global market.

http://www.brecorder.com/cotton-a-textiles/185/1165762/
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