Cotton policy still vital

Source:Agencies Published: 2012-7-30 9:08:37

China's policy of buying and stashing large amounts of cotton in State reserves will dominate the market in the 2012-13 marketing season that will start on August 1, the chief executive of the world's biggest cotton trader and merchant said Friday.

 Allenberg Cotton Co President and CEO Joe Nicosia told the Ag Market network's annual radio program from New York that "everything (in the cotton market) is dependent on the Chinese reserve policy."

"China's cotton policy is supporting prices globally. As long as China continues to build its reserves, the cotton market will be protected from its surplus," he said. Allenberg, the wholly owned unit of trading giant Louis Dreyfus, is the world's biggest cotton merchant and trader.

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