By admin       2017-10-16

On November 22, 2016, the National Development and Reform Commission and Ministry of Finance issued that 2017 state cotton auction would start from March 6, 2017, to end on August 31, 2017. From late July, 2017, rumors about the state cotton auction extension came out successively, and on August 9, the officials released that the auction would extend to September 29, 2017. During this round of cotton auction, market participants also faced a series of problems, such as the panic led by the decline of reserved Xinjiang cotton volumes, sharp fall of floor bidding price of reserved cotton in August and the policy that only spinners were allowed to purchase during September 4-29. The officials not only overcame the problems from 2016, but also stabilized the cotton prices through timely announcements and relative policies. Nevertheless, new cotton costs are high in early period of 2017/18 season and it is a new issue to see how cotton prices transit from old crop year to new crop year.

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