China: State Reserve auction results

Of today’s catalogue of 29,625 tonnes (including 10,008 from Xinjiang), the quantity sold (rounded) was 18,377 tonnes, equivalent to around 62 percent. Sales comprised 7,740 from 2012/13 and 10,638 from 2013/14. No 2011/12 crop cotton was purchased today.

The highest price paid was 16,040 yuan per tonne and the lowest 12,990. The average, adjusted to a Type 3128 basis, was 15,938, which is 58 yuan higher than the previous session, and 771 yuan above this week’s base price.

Cumulative sales to date are now over 1.71 million tonnes, of 2.5 million offered, representing almost 69 percent of the available running total.

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