Colosseum a.s. (Colosseum a.s.)
Commodities  |  April 18, 2013 15:18:28

The Chinese government began auctioning state cotton reserves

ColosseumThe Chinese government began auctioning state cotton reserves from last year. The auction offered a total of 2,431 metric tons of cotton. The event will also unspecified amount of cotton imported in 2011. The Chinese government plans to end of July to sell 4.5 million tons of cotton from its reserves. There is now a Chinese factory for cotton buy in volume, which covers eight months of consumption. In the past, the state could buy spinning reserves amount to only two months. May cotton contract yesterday significantly strengthened at the end of trading at 83 cents per pound to 85.3 cents per pound.

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