China auction sales
At today’s government auction, the quantity of cotton sold to mills was 28,958 tonnes, comprising 11,050 tonnes from the 2011/12 crop, 5,248 tonnes from 2012/13 and 12,660 tonnes of imported lots from the 2011/12 season.
The cumulative total for the current auction series is 2,332,789 tonnes. Our estimate suggests stocks in government hands have fallen somewhat below 8.85 million tonnes.
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