he CNCRC ( China National Cotton Reserves Corporation) declared yesterday that cotton sales have increased by 51.7 to 5.46 million compared to sales the previous year.
China National Cotton Reserves Corporation is a wholly state-owned enterprise founded in March 2003 with the approval of the State Council. CNCRC is assumed with the overall responsibility for the management of the state cotton reserve.
As per the survey conducted by CNCRC, the cotton prices are on the rise as most of the textile manufacturers are increasing their cotton stocks.
CNCRC is registered with a capital of 1 billion RMB. It has the right to import and export cotton and can approve some foreign affairs within certain extent. There are 18 cotton warehouses affiliated to CNCRC, which are located in main cotton producing and consumption areas all over China.
Seventy four percent of Chinese textile manufacturers plan to purchase more cotton. This has resulted into the cotton prices going up by 0.8 percent per ton to 13076 Yuan.
The major business scope of CNCRC covers purchase, sale, storage, transportation and processing of the state cotton reserve, lease of storage equipments and related services, cotton import and export, etc.
CNCRC plans to make great contribution to the development of the national economy and the acceleration of market-oriented transformation of china's cotton circulation system.
