410kt of Reserved Xinjiang Cotton to Be Inpsected Soon
Recently, China National Cotton Reserves Corporation (CNCRC) issued a notice regarding the plan to inspect the sixth batch of 2016/17 state reserved cotton and the quantity is supposed to be 414kt.
It is understood that the inspected 414kt of reserved cotton is all reserved Xinjiang cotton, involving 12 provinces and 14 reserving companies, which are all directly subordinate to CNCRC.
The notice delivers some information to the cotton users: firstly, CNCRC increases the inspected quantity, aiming at accomplishing the macroeconomic control and regulation tasks; secondly, since the state cotton auction from Mar 6, reserved Xinjiang cotton is almost transacted 100% per day, more attractive for mills to purchase. Later, the selling volumes of reserved Xinjiang cotton will increase; thirdly, the government tends to regulate the market, restricting the speculation on supply structural gap. Therefore, cotton prices in 2017/18 season will be steadily geared to 2016/17 season.
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