2018 China state cotton auction has ended on Sep 30. The daily selling volumes put on auction maintained at 30kt and total selling volumes approached 2.514 million tons, including 1.561 million tons of Xinjiang cototn, with trading proportion of 58.3%. Trading prices were averaged at 14,732yuan/mt. After this round of auction, the remnant stocks of reserved cotton in the state warehouses are estimated at about 2.75 million tons. Cotton prices experienced sharp fluctuations in May, and since June, only textile mills were allowed to take part in the auction, and China announced to allocate additional sliding-scale duty quotas. In end July, the state cotton auction was prolonged from Aug to Sep. Chinese yuan weakened apparently during the period and there were several rounds of trade dispute between U.S. and China, dampening the consumption in general.
By Sep 30, 2.514 million tons of reserved cotton have been totally sold during the 2018 state cotton auction, with trading proportion of 58.3%. Trading prices were averaged at 14,732yuan/mt, and after the auction, about 2.75 million tons of reserved cotton are estimated to be left in the state warehouses. From June 4, only textile mills were allowed to take part in the auction and the reserved cotton could not be resold, so as traders were not allowed to participant, trading prices were under control. The trading proportion was closely related with the selling volumes of reserved Xinjiang cotton, to have positive correlation.
If the state cotton auction continues during Mar and Sep 2019, based on the average trading volumes of 2.80 million tons during 2016-2018, there will be no reserved cotton in the state warehouses after 2019 state cotton auction, if there is no state cotton reserves.
Big events during 2018 China state cotton auction and statistics analysis
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