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Representatives of npc and cppcc raise cotton motions; domestic cotton trade sluggish

Representatives of npc and cppcc raise cotton motions; domestic cotton trade sluggish Source: www.chinatexnet.com
Date: 15-03-2013
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The National People’s Congress and Chinese People’s Political Consultative Conference are taking place currently. Many representatives raised motions concerning cotton and textile industry. Focusing on lasting reduction of cotton acreage and production in Shandong province, some CPPCC representatives raise the motion of implementation of cotton reserve policy continually, and build the direct subsidy system of cotton similar with food crops. For representatives on textile side, the topic remains on textile related tax, particularly on refunding export taxes, added-value tax and cotton import sliding duty policy.
 
Last week 4th/8th March, new orders for textiles were still unpromising, raw material purchase remained on reserve or import cotton, domestic lint price was stable, CC Index328 settled at 19,344 Yuan per ton by weekend, 18 Yuan up over the week; futures market was waiting for signals of reserve and vibrated in a narrow range, nearby contract CF303 settled at 19,440 Yuan per ton, 85 Yuan up over the week; CNCE nearby contract MA1303 had average settlement price of 20,152 Yuan per ton, 131 Yuan up over the week.
 
The actual reserve transaction continued to reduce, to 60,580 ton last week. By 8th March, cotton reserve purchase cumulated to 6,315,680 ton, comprising 2,531,720 ton in Xinjiang, 2,057,010 ton in inland, and 1,726,950 ton from key enterprises. The reserve cotton release also reduced to 88,920 ton this week. By 8th March, the reserve release auction totaled 580,750 ton, 29.5% for target volume.
 
At the same time, international cotton increased slightly. FC Index settled at 95.07 cent/lb., 0.75 cent up over the week.The National People’s Congress and Chinese People’s Political Consultative Conference are taking place currently. Many representatives raised motions concerning cotton and textile industry. Focusing on lasting reduction of cotton acreage and production in Shandong province, some CPPCC representatives raise the motion of implementation of cotton reserve policy continually, and build the direct subsidy system of cotton similar with food crops. For representatives on textile side, the topic remains on textile related tax, particularly on refunding export taxes, added-value tax and cotton import sliding duty policy.
 
Last week 4th/8th March, new orders for textiles were still unpromising, raw material purchase remained on reserve or import cotton, domestic lint price was stable, CC Index328 settled at 19,344 Yuan per ton by weekend, 18 Yuan up over the week; futures market was waiting for signals of reserve and vibrated in a narrow range, nearby contract CF303 settled at 19,440 Yuan per ton, 85 Yuan up over the week; CNCE nearby contract MA1303 had average settlement price of 20,152 Yuan per ton, 131 Yuan up over the week.
 
The actual reserve transaction continued to reduce, to 60,580 ton last week. By 8th March, cotton reserve purchase cumulated to 6,315,680 ton, comprising 2,531,720 ton in Xinjiang, 2,057,010 ton in inland, and 1,726,950 ton from key enterprises. The reserve cotton release also reduced to 88,920 ton this week. By 8th March, the reserve release auction totaled 580,750 ton, 29.5% for target volume.
 
At the same time, international cotton increased slightly. FC Index settled at 95.07 cent/lb., 0.75 cent up over the week.
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