China Cotton Reserve Procurement Finished

Today CNCE and CNCRC jointly announced that the third round or reserve procurement of 1.5 mil tons has finished. April 10 is the last day for the reserve auction. No word yet if the CNCRC will include another round of reserve procurement with a focus on Xinjiang. Prices are higher, and moving higher. If anything, government is very likely to issue an additional round of export quota in the very near future. The rise in lint prices is hurting the textile mills whose downstream market--though better recently--is still very much in the doldrums...