As expected, the Chinese state authority announced a new cotton temporary purchase and storage plan on March 1.
As per the new plan, the cotton purchase price is 20,400 Yuan / ton, up 600 Yuan / ton, or 3 percent compared with the 2011 purchase price.
Meanwhile, the Zhengzhou cotton futures market reacted by sudden up's and downs during the day.
Intraday highest point hit 21,965 Yuan / ton. It then sharply declined towards closing time to 21,785 Yuan / ton, down 55 points from the previous trading day.
Fibre2fashion News Desk - China
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