UPDATE ON CHINA COTTON STOCKS

摘要

The ICAC Secretariat estimated Chinese cotton stocks as of the end of July 2010 at 2.9 million tons. This total included 1.4 million tons in the national reserve, 1.1 million tons in the hands of spinning mills (close to 40 days of consumption), 50,000 tons in consignment, 15,000 tons of certified stocks and 370,000 tons in the hands of producers, girmers, and traders. This implies that Chinese cotton stocks dropped by 18% from a year earlier, to the lowest level in five years. The Chinese stocks-to-use ratio fell from 39% in 2008/09 to 30% in 2009/10, the smallest ratio in two decades. However, the share of China in global stocks increased from 30% in 2008/09 to 33% in 2009/10, due to the simultaneous faster decline in stocks in the rest of the world.