The recently completed survey by the China National Cotton Market Monitoring System (CNCMMS) revealed that average mill stocks held by spinners as of August 3 stood at 35 days. Based on the CNCMMS annual consumption estimate of 12 million tons, average domestic consumption would be 32,900 tons. Based on this assumption, current total Chinese industrial cotton stocks now total 1.152 million tons, which represents a 12.9 percent increase from a month ago and a 6.7 percent increase from the previous year. Mills in the provinces of Shanghai, Shaanxi and Jiangsu hold the largest level of cotton stocks, with Hubei Province retaining the tightest stocks.
