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CreateTime:2008-05-12 Editor:liaoyan
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DOMESTIC cotton prices will be high but stable this year, a senior China Cotton Association official said.
Shi Jianwei, the association's vice president, said that domestic cotton prices had fluctuated only slightly so far in 2008. The price was about 13,500 yuan (US$1,928) per ton recently, up 300 yuan since September. Shi told the China Cotton Summit in the eastern Zhejiang Province that prices were stable due to stagnant demand, with yarn output standing at 11.85 million metric tons since September - 4 percent lower than the expected spinning yield.
Shi also forecast that domestic cotton prices would remain high, having reached a record high in late August. Shi said domestic factors such as macro-control measures, including lower rebate rates, higher interest rates and a sliding scale customs system, would be the determining factors in cotton pricing.
The total cotton output reached 7.6 million metric tons and the total cotton planting area was 5.59 million hectares in 2007, up 3.3 percent year-on-year.
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