China's domestic cotton prices have continued to move higher this week, led by gains in the high grades -- the availability of high grades is becoming increasingly tight. Low-grade prices have not advanced to the same degree, because of the CNCRC auction of reserve stocks and their available supply. Prices of T129 or the GM 1-1/8" description have now reached an average of 15,050 to 15,100 yuan per ton, landed the Eastern mill, which is equivalent to 90.28 - 90.58 U.S. cents per pound. T229 or SM 1-1/8" reached an average of 14,775 yuan per ton this week or the equivalent of approximately 88.63 U.S. cents per pound. Imports are attractive at these prices, but supplies of Australian or SJV, the preferred styles, are very limited.
T328 prices are now ranging from 14,450 to 14,600 yuan per ton, landed the Eastern mills or approximately 86.69 to 87.58 U.S. cents per pound. Prices of T428 and T227 remain much weaker at an average price of 13,880 to 13,370, respectively.
