October 19, 2012
China buys fresh cotton for national reserves
China has acquired more than one million tonnes of fresh cotton for national reserves by October 17.
The Chinese government began to implement this year's cotton purchase and reserve plan on September 7.
The state stockpiling program has played an important role in propping up domestic cotton prices. The bellwether January cotton contract traded on the Zhengzhou Commodity Exchange has increased to CNY19,800 (US$3167) per tonne.
