By admin       2019-04-24

In order to optimize reserved cotton structure and ensure the quality, the National Food and Strategic Reserves Administration and the Ministry of Finance released the announcement about state cotton auction and reserve in 2019. The state cotton auction will start from May 5 and last to September 30, 2019, with the total quantity of about 1.00 million tons. In principle, the daily auction volumes are about 10,000 tons. The base selling price will continue to be related with international cotton prices, and the calculation will be showed below. Moreover, the announcement also states that the state cotton reserves policy may be implemented according to the actual state cotton auction and market supply and demand. The base selling price is set at the average price of international cotton and domestic cotton, which will be adjusted every week.

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