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China : Local cotton sales boosted |
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2006-10-8
According to National Development and Reform Commission (NDRC), the local cotton sales in China has boosted after the Government issued the policy for promoting local cotton marketing in July.
A survey on 66 large and middle sized cotton purchasing and processing firms reveal that by the end of August, the old stock already sold out accounted for 88 percent of those being procured by the surveyed companies.
68,000 tons of the last old commercial stock produced in and before 1998 started to be put to public auction through national cotton trading exchanges on August 22.
There was a strong reaction in the market, and the auction went through with success. By the end of August, 13781 tons old commercial cotton at the auction were sold out, with an average grade of 4.79 and an average price at 12880 Yuan per ton. |
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| Fibre2fashion News Desk - China | |
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