Oct. international cotton price slump

China National Development and Reform Commission announced Thursday that in October, China’s cotton purchase and sale prices continued to fall, the international cotton price slump, cotton imports substantially reduced. China’s textile production and export growth continued to slow.

Textile exports by poor and quasi-sliding tax impact of the higher cost of imports, in October China’s cotton imports dropped by more than a quarter; with the same period last year, fell even more, almost three-cheng. The first 10 months of this year, China imported a total of 1,866,000 tons of cotton. This is the same period last year decreased by almost 170,000 tons.

China’s output of yarn in the same period, as well as textile and garment export growth is also slowing trend has emerged. The increase in yarn production last year dropped by nine percentage points over the same period, textile and garment export growth rate dropped by 11.5 percentage points.

In October, China’s domestic cotton yarn and polyester staple fiber prices continued to fall, cotton purchase and sale price can not “escape.”

National Development and Reform Commission said in October the acquisition of seed cotton three-level Mainland average, a 6.1 percent decline the previous month; in Xinjiang, or to achieve a 5.5 percentage point. Mainland lint-class standards to an average price of textile, cotton futures contracts as well as the average price per ton last month have dropped by more than 680 yuan.

It is reported that in October, the major developed obvious signs of an economic recession, combined with continued dollar strength, a leading international commodity futures prices have dropped significantly. That same month, the New York cotton futures December contract’s average price decline in more than two-cheng; a leading port in Asia decline in value of more than one percent. The Chinese government started acquiring, storing cotton, in order to stabilize the domestic market.