February 14, 2012

China's cotton turnover stocks reach 1.08 million tonnes

By end of January, cotton turnover stocks in China's 120 warehouses hit 1.08 million tonnes, up 84,000 tonnes from December 2011 but 363,000 tonnes lower than January 2011, the China Cotton Association reported Thursday (Feb 9).

The national total turnover stocks of cotton were estimated at about 1.23 million tonnes by the end of last month, up 117,000 tonnes or 10.52% on-month, according to the report.

Spot cotton prices had picked up mildly as cotton resources on the market were decreasing along with the on-going state stockpiling programme, noted the report.

As of Thursday, the China National Cotton Reserve Corp. has purchased 2.5 million tonnes of new cotton for state reserves since the stockpiling programme started in September of last year.