Domestic Upland Prices Slightly Weaken as World Prices Collapse
Source: CNTEX Date: 2007-05-08
China's domestic cotton prices have slightly weakened over the past week in U.S. cents per pound terms, while prices in yuan terms have been a little weaker, with the yuan/U.S. dollar exchange rate continuing to offset some weakness. The average price of T328 has fallen to 12,900 - 13,000 yuan per ton in some locations. The average landed-the-mill price in U.S. cents per pound terms has only declined approximately .16 U.S. cents per pound to 76.31. This softness in local prices has continued to make the use of the sliding-scale tax import quotas very difficult.
