The first auction of government-reserved cotton for this year held on July 16, sold out 14,287.946 tons through the CNCE e-business market.

The cotton around 3,968.139 tons were produced in 2003, and the balance were produced before 1997.

The base price for the cotton on 2003 was 13,000 yuan per ton. The highest settle price for those was at 14,350 yuan per ton for the Grade three and the lowest was at 13,940 yuan per tons which belong to Grade four.

The floor price for the cotton during 1995 - 97 was 11,000 yuan per ton. During this period 14,190 was the highest settle price for the Grade four, and 13,570 was the lowest at Grade five.
 
China Cotton