Weekly Report: New Crop Harvest Comes to Peak Time with Ongoing Preparations from Different Aspects

When it comes to September, cotton harvest in large scale processed nationwide, the majority ginners had done the machine preparation works, key cotton companies such as China National Cotton Group Corporation are ready to enter the seed cotton market and lead the buying. This season, weather in Xinjiang is positive for cotton growth and the new arrivals with high quality usually are welcomed by mills. Currently, many inland cotton buyers also travel to Xinjiang and contact with local companies in search of high quality cotton.
Xinjiang cotton target price reform trials advance steadily, the price monitoring has already started, detailed implementation plan of Xinjiang municipality and Xinjiang Construction and Production Corps will soon to come; policy introduction group is set up to travel around Xinjiang to introduce the policy. Agriculture Development Bank has prepared 60 billion Yuan for seed cotton purchase credit capital, and would provide mainly Xinjiang ginners to ensure target price reform use. China Cotton Association publish target price reform policy in website and journal to broadcast the policy and lead the market.  
Before Mid-Autumn Day (8th September), CC Index 3128B settled at 16,936 Yuan/ton by 5th August, 56 Yuan down over the week.