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China to sell 1mn tonnes of cotton from state reserves
BEIJING/SHANGHAI: China will sell 1 million tonnes of cotton from its state reserves as part of a scheme to replace
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BEIJING/SHANGHAI: China will sell 1 million tonnes of cotton from its state reserves as part of a scheme to replace old stocks, marking the biggest reserve auction in at least 13 months.
The national food and strategic reserve administration said floor prices for the auction will be based on both domestic spot prices and the international cotton price index.
About 10,000 tonnes of cotton will be auctioned on every workday between May 5 and Sept. 30, the administration said.
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