Cotton Import Quotas To Be Allocated, Cotton Futures Up

China will allocate cotton import quotas of 1.1 million tons to ease the soaring prices of cotton, reports Securities Times, citing sources from the China Textile Industry Association.

The domestic price of cotton increased 30 percent year-on-year to about 16,364 yuan per ton at present.

According to the Zhengzhou Commodity Exchange (ZCE), cotton futures for September delivery traded on the ZCE were up 35 yuan per ton to close at 17,330 yuan on May 14. Transaction volume totaled 43,298 lots. Each lot is equivalent to five tons.