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 | Wednesday, April 26, 2000, updated at 11:35(GMT+8) | ||||||||||||
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Experts Predict Cotton Price IncreaseCotton price on China's domestic market is expected to rise in the coming months, according to the State Price Information Center.The average cotton price this year will stand at around 400 yuan (about US$ 48) per 50 kilograms this year, roughly the same level as last year, the center said in a recent report. The forecast was made when cotton price was pushed to 420 yuan per 50 kilograms in the first two months of this year, because of recovering exports and domestic sales. Huge stockpile of cotton, shrinking exports and stagnant textile industry once dragged the price down to 380 yuan per 50 kilograms after the state authorities relaxed control over the price last year. Cotton experts attributed the price increase in the beginning of this year to the decline of cotton acreage in major cotton producing provinces and an expected shortage in cotton supply. They also predicted a further increase in the purchasing price of cotton in the first half of this year because of growing global demand for cotton. China is one of the world's largest cotton producers with an annual production of 4.5 million tons.
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