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Cotton prices to another record Wednesday, a tight supply of fiber to the internal market through fuel.
Zhengzhou Commodity Exchange for delivery in November in advance 1.12 per cent cotton 17,030 yuan per ton ($ 2,494) in the organization of their high rise extended Wednesday. Contract price cumulatively over the last two weeks, jumped more than 7 percent.
Bounce is a huge supply deficit in 2010 will be expected to last. Analysts estimate that China has to import most of the cotton textile industry to meet domestic demand as well.
"Reducing stock-outs and supply of bad weather this year, which further extend until September this year can start selling cotton are the main reasons for the" Wang Yong, Futures Co Hongyuan, Beijing-based analyst said.
China Cotton Association said this week that Xinjiang in major cotton producers has led to the replanting heavy snowfall. Bad weather has delayed planting and the yield will be lower.
Farmers are eyeing more profitable crops.
"Cotton producers in some vegetable fibers such as crops much they earn less than farmers growing other types of incentives," Jian Jinglei, Shanghai Futures Co. Ltd. analyst CIFCO said a
Dezhou in Shandong Province in the cotton growers, for example, in 2009 16 410 yuan per hectare wheat producer earned during the same period 20 250 yuan per hectare, against an average income, "said Jian.
In comparison, cotton in 2010 when bad weather rapid decline in world cotton production is worn.
But the demand of textile manufacturers listed in the back of economic recovery.
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