The average new cotton procurement prices in main producing provinces and autonomous regions basically remained stable in mid-November, according to State Development and Reform Commission. However, spot and futures prices have seen a slight growth.
By mid-November, the average price for cotton grade 328 was set at around 643 yuan per 50 kilogram, basically similar to starting of the month. This was 4.71 percent up against the first 10 days of October.
Purchase price for cotton grade 229 is 667.96 yuan, dropped 0.54 percent from first week of November.
Spot prices were slightly up in the mid-November. Landed mill price for cotton grade 328 in 10 provinces and regions is 13754 yuan per ton, up 4 yuan from the first 10 days. For cotton grade 229, it is 14157 yuan per ton, 80 yuan higher.
Of these, landed mill prices for grade 328 and 229 in Shaanxi Province are 14,461 yuan per ton and 15,281 yuan per ton, respectively. Cotton grade 328 lowered by 380 yuan per ton, while grade 229 rises by 251 yuan per ton.
Futures prices for domestic cotton are generally stable, while international market prices fall significantly. On November 16, Zhengzhou commodity exchange closed at 14,550 yuan per ton, while New York Mercantile Exchange closed at 66.14 cents per lb.
Fibre2fashion News Desk - China
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