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Reserve purchase plan approved; textile industry witness recovery signs

Reserve purchase plan approved; textile industry witness recovery signs Source:
Date: 17-04-2013
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According to China Cotton Association, Cotton Temporary Reserve Purchase Plan of 2013/14 Season has been approved by State Council, and will soon be announced. Affected by this, spot price climbed slightly.
On 2nd/3rd April, China Cotton Textile Association held its fourth council meeting of the fourth session. Analysis on the meeting said increase of textile production, sales- output ratio and export during the first two months this year was more than the corresponding time last year, indicating better company profit, though further trend of the industry was still unclear yet.
Since April, cotton sowing started progressively, the general weather prediction is positive for sowing and seed emergence. In northwest and Yangtze regions, the relative high temperature is helpful for sowing and seed growth; while in North China and Huanghuai region the excessive rain and low temperature might cause frost and delay the sowing. Around Qingming holiday- 4th April, the wide precipitation happened nationwide.

Currently most northern areas including Xinjiang has regained temperature and sunlight, some growers in North Xinjiang has began cotton sowing already, which is around 10 days earlier than former years; in Hubei, Anhui, Jiangsu of Yangtze region, seed development has also started.
Last week- 1st/5th April, CC Index328 settled at 19,383 Yuan per ton by weekend, 8 Yuan up over the week; ZCE nearby contract CF305 settled at 20,305 Yuan per ton, 25 Yuan down over the week; CNCE nearby contract MA1304 settled at average price of 19,995 Yuan per ton, 2 Yuan down over the week.
Reserve release actual volume retreated due to hesitation of textiles. This week the trade volume was 48,560 ton, the daily trade volume decreased by 38% over the week. By 3rd April, the reserve release in 2013 totaled 1,056,800 ton, 29.6% of release target met.
As for import cotton price, FC Index settled at 98.39 cent/lb. 0.44 cent up over the week.
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