First China cotton auction since price cut sees strong demand
April 03, 2014 00:00:00
BEIJING, Apr 2: The first auction of raw cotton by China's state stockpiler since cutting its minimum bidding price met with strong demand on Tuesday, with appetite at future sales expected to stay robust as the country looks to offload its massive reserves. A successful round of sales could curb Chinese appetite for imports, pressuring international prices and hitting top exporters India and the United States, already smarting from dropping shipments. — Reuters
