*China to implement second batch of state cotton reserves sales in 2021/22*
*The China National Cotton Reserve Company announced on Nov 9 that the first batch of state cotton reserves sales has ended, and to meet the cotton enterprises’ demand, it will organize the second batch of state reserves sales in 2021/22 season from Nov 10, 2021. The volumes offered for sales total 600kt this time, and the daily volumes will adjust according to market situation.*
*The base selling price of reserved upcountry cotton this week=the average price of prior week's international cotton price.*
*Other reserved cotton price calculation method remained unchanged.*
*Formula:*
*Base selling price (cotton type* *3128B)=average price of prior week's domestic cotton prices*50%+average price of prior week's international cotton price*50%*.
1. *Domestic cotton price=(China Cotton Index+CNcotton)/2;*
2. *International cotton price=Cotlook A Index (converted to USD per ton)*exchange rate*(1+1%import duty)*(1+9%VAT)*
3. *The exchange rate is the benchmark exchange rate of the foreign currency against the RMB announced by the People's Bank of China, based on the customs taxation method and the third Wednesday of the previous month (if it is on public holiday, the fourth Wednesday is postponed).*
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