China: auctions finish on a strong note
Today’s sales by auction of government-owned cotton – by all accounts the last in the current series – resulted in a turnover of 96,895 tonnes – not quite as high as the figures recorded during the past two days but the third highest of the series.
The auction series thus ends with 3,715,957 tonnes (according to the sum of daily auction sales) having been returned to the market, and leaves a stock in government hands (according to our estimate) of around 7.43 million tonnes. It remains to be seen at what stage a new sales series is commenced. The 2013/14 temporary state procurement plan will begin in September.
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