CNCotton: According to a survey by local correspondent, by May 15, commercial cotton stocks now totaled approximately 2,000 tons, less than 4% of 2005 total production. Commercial stocks (excluding mills inventories) are drying up.
Driven by a declining cash price and stagnant sales, Sheyang and its neighboring areas reported a depressive physical trade. Since May, however, things have gradually improved as most cotton enterprises started to promote sales due to a deteriorating price outlook. T229 is now traded at 14,200-14,550 yuan per ton, with commercial stocks nearing bottom.
