The 40% Cotton Market Has Not Yet Been Reversed After The Completion Of The Purchase And Storage Plan.
SASAC yesterday announced that China's reserve cotton management company completed nearly 40% of the purchase and storage plan. However, because of the shrinking textile downstream consumption, the overall downturn in the cotton market has not yet been reversed, and the state needs to intensify its policy control efforts.
Tang Zhong, a professor at the school of agriculture and rural development of Renmin University of China, said yesterday in an interview with reporters that due to the decline in textile exports, the volume of imported cotton will drop this year.
The SASAC said that at present, China's reserve cotton management company has basically covered the main cotton producing areas in China. As of November 18th, the total storage and storage of cotton in 2008 reached 477 thousand and 50 tons, accounting for 39.1% of the planned storage and storage capacity of 1 million 220 thousand tons, of which Xinjiang cotton had a total turnover of 402 thousand and 200 tons, and the total volume of cotton in the mainland reached 74 thousand and 850 tons.
In order to allow enough time for cotton acquisition and processing and more effective implementation of the purchasing and storage policy, the current storage and storage capacity of China cotton reserves management company is controlled at around 20 thousand tons. At the current rate, it will take about 2 months to complete the purchase and storage plan. In addition, the SASAC said recently that the purchase price of seed cotton at 2 levels in some places was 4.8 yuan / kg, and 3 grade seed cotton was between 4.6 yuan / kg, while seed cotton prices steadily rose, and the efficiency of purchasing and storage gradually appeared. Some cotton farmers are reluctant to sell, and they have seized the opportunity to sell cotton.
The national cotton market monitoring system survey showed that as of November 12th, the seed cotton sale rate in Xinjiang was 87.2%, 29.3 percentage points higher than that in the same period last year. However, the SASAC believes that as the textile downstream consumption shrinks, the overall downturn in the cotton market has not yet been reversed, and the state needs to intensify policy control to keep the cotton market basically stable.
Tang Zhong said yesterday in an interview with reporters that China's annual imports of cotton account for 1/3 of the domestic market. Due to the impact of textile exports, the volume of imported cotton will decline this year.
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