Business Club reported on December 6th that China’s national cotton purchasing capacity this year reached 4.1 million tons, accounting for 55% of the estimated cotton production in 2011, China Cotton Reserve Corporation said in a statement on Monday.
Selling cotton to the government has become a top priority for cotton farmers because the processing plant avoids buying behavior when the profits are so thin, according to a statement published by the State-owned Assets Supervision and Administration Commission of the State Council on its website.
As of Friday, the government has already purchased 1.15 million tons of cotton from cotton farmers as part of the national procurement that began on September 8.
This year's total domestic cotton production is expected to reach 7.45 million tons, which is 25% higher than the 5.26 million tons estimated by the Bureau of Statistics last year.
Previously forecast cotton production fell to 7.2-7.5 million tons.
Since the beginning of the national procurement plan, the government's daily procurement volume has increased from 24,300 tons to about 130,000 tons.
Since the beginning of the year, cotton prices have dropped sharply because textile demand has weakened during the global economic downturn, and the March cotton price on the Zhengzhou Commodity Exchange has fallen by 70% since mid-February.
Selling cotton to the government has become a top priority for cotton farmers because the processing plant avoids buying behavior when the profits are so thin, according to a statement published by the State-owned Assets Supervision and Administration Commission of the State Council on its website.
As of Friday, the government has already purchased 1.15 million tons of cotton from cotton farmers as part of the national procurement that began on September 8.
This year's total domestic cotton production is expected to reach 7.45 million tons, which is 25% higher than the 5.26 million tons estimated by the Bureau of Statistics last year.
Previously forecast cotton production fell to 7.2-7.5 million tons.
Since the beginning of the national procurement plan, the government's daily procurement volume has increased from 24,300 tons to about 130,000 tons.
Since the beginning of the year, cotton prices have dropped sharply because textile demand has weakened during the global economic downturn, and the March cotton price on the Zhengzhou Commodity Exchange has fallen by 70% since mid-February.
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