Announcement Of Organizing The Sale Of National Cotton Reserves

Textile and cotton enterprises:

Recently, domestic cotton market resources are tight and prices are rising rapidly. To ensure market supply and keep prices stable, the State Council

The relevant departments decided to take part in the national cotton exchange market (hereinafter referred to as the "trading market") by way of open auction.

Home cotton is put on the market. The relevant matters are hereby announced as follows:

First, the time and location of the storage cotton wheel.

Since July 16, 2007, the auction system has been open for sale in the trading market. The specific transaction time is statutory from July 16th.

At 2:00 p.m. on weekdays, the transaction starts at 2:00 p.m., starts the two minute countdown, and starts the 1 minute countdown.

Until the closed market.

Two, the number of rounds and the qualification of bidders.

The number of state reserve cotton is temporarily set at 300 thousand tons. Among them, the existing 1995-1997 years of China Cotton Group Co., Ltd.

Cotton reserves of 180 thousand tons (including 86 thousand tons of exported cotton), China cotton reserve management company 2001 and 2003 cotton reserves 120 thousand tons

。 If the market price rises too high, then increase the number of rounds according to market conditions. 　

According to the regulations of the relevant departments, in order to reduce intermediate links, the bidders are limited to textile cotton enterprises. It has not yet become a trading market.

A textile and cotton enterprise of a dealer or member can be applied to become a dealer or member of a trading market at any time. 　

Three, transaction mode and bid price

The national reserve cotton wheel has been implemented according to the "state reserve cotton auction sale method" approved by the relevant departments. 　

The so-called auction sale refers to the basic data of the reserve cotton quality and quantity and so on.

The buyer who has a bid qualification will raise the price independently, with the principle of price priority and time priority, and conclude the transaction at the highest bid price.

The way in which the market signs purchase and sale contracts. 　

Referring to the sale price and the current market cotton price of the old commodity cotton in 2006, taking into account the existing 1995 of China Cotton Group Co., Ltd.

In 1997, reserve cotton was stored for a long time, and the bid price was 11000 yuan / ton. China cotton reserve management corporation 2001, 2003

The reserve price of the annual reserve cotton is 13000 yuan / ton. The actual number of daily listings is based on the detailed information released in the trading market.

Four, quality assurance

The existing cotton reserves of China Cotton Group Co., Ltd. are all notarized according to the national standard organization of the 1995-1997

Inspection, and will be listed on the basis of notarial inspection results. China reserves cotton management company 2001 cotton reserves due to a small number of points

Scattered, no longer carry out notarization inspection, according to the original quality and weight of listed transactions; China cotton reserve management company 2003 cotton reserves in accordance with

The implementation measures for notarization of state reserve cotton stipulate that the grade of the sample should be re examined, and the number of the batches and the number shall be verified, and the notarization certificate shall be issued.

The book will be listed on the new notarial inspection certificate. Please pay attention to the details of the cotton reserves in the transaction system.

The annual production of these batches of cotton reserves and the results of notarization and inspection were also given.

Five, margin and payment

1, in order to ensure the performance of the transaction, dealers and member units must be invited to participate in the transaction.

It is easy for the market to deposit a margin of not less than 300 thousand yuan to ensure the transaction proceeds. In a competitive transaction, the trading market is from dealer to member list.

The performance bond is temporarily withheld according to the quantity of the transaction in accordance with the amount of 700 yuan / ton. The margin of a dealer or member unit will not be enough.

Stop trading until complemented. Dealers and member units are required to reserve sufficient margin in accordance with the balance of funds and estimated transaction volume.

The transaction is proceeding normally. The trading market prestores the national reserve cotton auction sale margin account:

Name: Beijing national cotton trading market Co., Ltd.

Bank of China: head office of Agriculture Development Bank of China

Account number: 20399990010100000038471 or:

Bank of China: Xidan branch of China Construction Bank, Beijing

Account number: 651002502261002042 or:

Bank: branch of Beijing Air Plaza Hotel, Agricultural Bank of China