CHINESE COTTON AND CLOTHES STOCKS BEING RELEASED, BUT PRICES WILL REMAIN WEAK
June 1st, 2013
China’s massive cotton stockpiles have been interpreted as bearish for prices by the US Department of Agriculture, but analysts suggest a tight supply outside the country and the unwillingness of local textile mills to buy at auction will push prices higher into next season. “I’m still bullish despite the massive surplus as most of it is stuck in China,” said Kona Haque, head of agricultural commodities at the Macquarie Group.China’s government is slowly releasing its massive reserves of cotton stocks, which are expected to reach more than half the ...
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