Weekly Report: Target Price of 2015 Announced, Planting Intentions in Xinjiang Rise Slightly

On 7th April, the Xinjiang cotton target price of 2015 was announced by government at 19,100 Yuan per ton, which was calculated basing on the cost-benefit of production, market demand and supply.
During the end of March and early April, China Cotton Association conducted the third national cotton planting intention survey. It shows varied planting delay nationwide due to unstable temperature recovery. Nationally the cotton planting intention decrease rate remained at 23.61%, 0.61% less than last month; the projected 2015 cotton acreage is 3.23 million hectares when calculated upon 2014 CCA acreage statistics. In Xinjiang, although the announced target price is lower than last year, cotton planting intentions rise slightly; that in inland continued to fall due to slow subsidy delivery, unclear support policy in 2015 and low market price.
Last week (6th -10th April), cotton demand kept weak and price was disappointing. On 10th April, CC Index(3128B) settled at 13,452 Yuan/ton, unchanged with last week.