China sells 73% of 1.18 million tonne cotton offered in Mar-Apr.

China has so far managed to sell 869,712 tonne of the 1.18 million tonne of cotton from its state reserves during Mar-Apr. During Mar 6-31, the country sold 465,722 tonne out of 615,082 tonne it offered to textile mills, while during Apr 1-28, 403,990 tonne of the 568,254 tonne were sold. The total auctioned cotton was mainly from its domestic stocks, In April, the average price realisation of the cotton auctioned ranged from 14,639 yuan a tonne to 15,312 yuan. The country is de-stocking its massive state cotton reserves built over the past three years. China cotton auction has the potential to influence global cotton prices. International Cotton Advisory Committee has projected China stocks ending for the current season at 9.3 million tonne, accounting for 53% of world stocks. In 2016, the country had sold around 2.6 million tonne cotton from its reserves and expects a similar volume to be sold this year. It sells cotton stocks until Aug 31.