China's cotton reserve regulator will sell some reserve cotton from early July to bring the scale of reserve cotton to a rational level, according to the National Development and Reform Commission (NDRC), China's top economic planner, on Tuesday.
The regulator will temporarily sell 1 million metric tons (tonnes) of reserve cotton in July and August through the national cotton trading market in the form of public bidding.
Meanwhile, the regulator will buy some cotton for state reserves according to the actual sales and market situation at the right time. The purchases will not exceed 40 percent of the sales, according to the NDRC.
The following table shows details of the sale of reserve cotton in July and August.
|
Reserve cotton (equivalent to standard level 3128B) |
Quantity (tonnes) |
Auction floor price (yuan/tonne) |
|
Homegrown cotton in 2011 |
330,000 |
13,200 |
|
Homegrown cotton in 2012 |
470,000 |
14,200 |
|
Imported cotton in 2012 |
200,000 |
15,500 |
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