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China cotton monthly report – october, 2013

China cotton monthly report – october, 2013 Source: www.chinatexnet.com
Date: 13-11-2013
Visits: 252
Very Poor

Since 2013/14 cotton season, cotton picking processed slower than corresponding time last year due to the delayed growth of Xinjiang cotton. New arrivals move to ginners in slow pace. The temporary reserve purchase of new season started and 100,000 ton of lint was sold to reserve in September, far less than last September. Supported by the reserve policy, domestic lint price was stable and seed cotton buying price climbed slightly.
 
In September, inland cotton region was blessed with sunlight during most of the time, which was good for cotton bolt opening and the harvest. For this cotton season from sowing to this month, the weather conditions nationwide were general positive for cotton growth, although average yield decreased slightly than last year. According to survey to 13 major cotton provinces, the national output is estimated to be 6.93 million ton, 10.4% less Y/Y. Slow growth of Xinjiang cotton delayed the picking, by the end of September, national average harvest rate was 44.5%, selling rate was 16.7%, and both of them were 10% less than last September.
 
Reserve was still the main selling channel. According to CCA survey to big-bale ginners, the average selling price in September for seed cotton type 3128 equivalent was 8.63 Yuan per kilo, 0.2 Yuan higher than last month. On the one hand, high buying price and reserve quality requirement raised ginning company risk; on the other hand, reduced yield, increasing cost put farmer price expectation at quite high position; therefore, the seed cotton market experienced some hardship.
 
Supported by reserve purchase, domestic cotton price regained some lost ground. In September, CC Index328 has monthly average price of 19,151 Yuan per ton, 0.2% less over the month, and 2.7% higher Y/Y. Mills purchase limited new arrivals, the commercial carryover stock increased over the month and also than last September. According to CCA, by the end of September, national commercial carryover stock was 710,000 ton, 8.2% more than last month, and 27.5% more than last September.
 
The improving trade environment domestically and internationally encouraged textile production and export. According to Customs, in September, Chinese textile and apparel export value was 26.6 billion USD, 5.2% less over the month, while 5.8% more than last September. Import cotton reduced in volume to 201,000 ton during the month, 27% less over the month, and 23.4% less than last September.
 
On 12th October, seven government departments related including NDRC announced Notification on Cotton Purchasing and Selling in 2013/14 Season, the notification required cooperation from different departments on the reserve purchase and cotton market order maintenance.
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