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Research | Time:Oct 16 2017 10:26AM
The meanderings of 2017 China state cotton auction
 
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Preface
On November 22, 2016, the National Development and Reform Commission and Ministry of Finance issued that 2017 state cotton auction would start from March 6, 2017, to end on August 31, 2017. From late July, 2017, rumors about the state cotton auction extension came out successively, and on August 9, the officials released that the auction would extend to September 29, 2017. During this round of cotton auction, market participants also faced a series of problems, such as the panic led by the decline of reserved Xinjiang cotton volumes, sharp fall of floor bidding price of reserved cotton in August and the policy that only spinners were allowed to purchase during September 4-29. The officials not only overcame the problems from 2016, but also stabilized the cotton prices through timely announcements and relative policies. Nevertheless, new cotton costs are high in early period of 2017/18 season and it is a new issue to see how cotton prices transit from old crop year to new crop year.

I. 2017 state cotton auction policy
II. The progress of 2017 state cotton auction
1. March 6-March 17: high prices and transactions, with replenishment from mills
2. March 20-July 20: the reserved Xinjiang cotton offered for sales continued to reduce
3. July 21-August 4: rumors about state cotton auction extension
4. August 7-September 2: the transition of Cotlook A Index from current to new crop led to sharp fall of floor bidding price of reserved cotton
5. After September 4: non-spinners were excluded at cotton auctions
6. Reserved cotton sales review
III. Market situation after state cotton auction and its influences on late market

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