It is never easy to put a positive spin on buying high and then selling low. Then again, the cotton that China plans to start selling from its vast state reserves this week, at a price below what it paid for this year’s harvest, might be rather hard actually to spin, period. Cotton can go brittle if stored for a long time.
The China National Cotton Reserve will be auctioning bales that came off farms in 2011.
Should mills balk at the quality and buy Indian imports instead, the great Chinese stockpile sell-off might not augur so badly for the cotton market. Spot prices have already fallen to 10-month lows.
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