China Cotton Program to Be Triggered at 20,400 Yuan/Ton Level 2013-09-09 09:27:59.733 GMT By Bloomberg News Sept. 9 (Bloomberg) -- China will officially start cotton stockpile program when prices remain under 20,400 yuan/ton for five consecutive days, according to statement by cncotton, citing China’s National Development and Reform Commission. * Government will use daily average cotton price and seed cotton price released on cncotton as reference: statement * Statement does not indicate how reference will be calculated * Cotton for delivery this month on Zhengzhou exchange closed at 20,975 yuan/ton today and has been above 20,400 yuan/ton for more than five days * January delivery futures, currently most-active contract on Zhengzhou exchange, settled at 19,705 yuan/ton today and has been below 20,400 yuan/ton since inception at start of year * Only qualified companies can sell cotton through trading platform to China National Cotton Reserves Corp.: statement * Government will withhold 500 yuan/ton of payment for cotton until fiber and packaging is judged to have met qualify standards: statement * Any warehouses that find sub-standard cotton must report this to CNCRC and halt purchasing from supplier. CNCRC will disqualify companies that violate rules: statement For Related News and Information: First Word scrolling panel: {FIRST} First Word newswire: {NH BFW} To contact Bloomberg News staff for this story: Feiwen Rong in Beijing at +86-10-6649-7563 or [email protected] To contact the editor responsible for this story: Brett Miller at +81-3-3201-3528 or [email protected]
Posted on: Tue, 10 Sep 2013 04:55:52 +0000
Trending Topics
© 2015