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Reserve accounts for 90% more of output; domestic market is stable

Reserve accounts for 90% more of output; domestic market is stable Source: www.chinatexnet.com
Date: 09-04-2013
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By the end of March, reserve purchase of 2012/13 season closed. The cumulative trade volume was 6,506,410 ton since the launch of reserve purchase on 10th September, 2012, comprised of 2,549,800 ton from Xinjiang and 2,229,660 ton from inland and 1,726,950 ton from key enterprises.

The reserve purchase functioned significantly in stabilizing the market and protecting growers’interest. Since the beginning of this season, market was stable and seed cotton procurement price increased moderately, so was lint spot price, CC Index328 increased 855 Yuan than the beginning of the season.

Ginners were active at reserve trade and most new arrivals came to state reserve, which accounts for 95% of overall yield estimate by National Bureau of Statistics, and nearly 90% of CCA output estimate 7.42 million ton. Very few middle and high grade cotton available in market, therefore ZCE cotton futures market price was once more than the reserve price of 20,400 Yuan per ton.

Textiles turned to import cotton for replenishment. For the first six months of 2012/13 season, import cotton totaled 2.207 million ton. The full duty cotton import took half share of 2013 import volume, due to domestic cotton price, quality and import quota control.
 
Last week 25th/29th March, China Cotton Association held council meeting. In this meeting, some spokesperson released confirmation of new season reserve purchase. CC Index 328 settled at 19,375 Yuan per ton, 5 Yuan up over the week; ZCE nearby contract CF305 settled at 20,330 Yuan per ton, 125 Yuan up; CNCE nearby contract MA1304 had average price of 19,993 Yuan per ton, 12 Yuan down over the week.
 
Reserve cotton release increased in volume, by the week the trade volume was 131,000 ton, 22,000 ton more over the week. By 29th March, reserve release of 2013 calendar year was 1,008,400 ton, meeting target by 30.03%.
 
At the same time, FC Index settled at 97.95 cent/lb., 0.41 cent up over the week.
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