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China's Daily Cotton Auctions Likely to See Strong Uptake -- Market Talk

6 Mar 2017 2:07 am
 

0207 GMT - China's daily reserve cotton auctions -- due to start Monday -- will likely see some very strong initial uptake as mills have reportedly allowed their inventories to dwindle in anticipation of lower‑priced reserve cotton hitting the market, says Commonwealth Bank of Australia in a note. "We think though that there is more low‑grade cotton in those warehouses than anything else. So with high blend ratios for low quality cotton we wonder how quickly that domestic shortage gets resolved." China's National Development and Reform commission has said it will auction at least 30,000 tons of cotton every weekday until the end of August, totalling around 3.75 million metric tons. (lucy.craymer@wsj.com; @lucy_craymer)
 
 

(END) Dow Jones Newswires

March 05, 2017 21:07 ET (02:07 GMT)

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