BEIJING, April 2 China's state stockpiler said
it had sold 40,119 tonnes of raw cotton in its first auction of
the fibre since cutting the minimum bidding price as it looks to
offload its massive reserves.
China sold nearly 80 percent of the 50,179 tonnes of cotton
offered in its daily auction on Tuesday, the China National
Cotton Reserves Corporation said in a statement late on Tuesday.
Cotton markets around the world are watching closely as
China unwinds a stockpiling scheme under which it has amassed
more than 10 million tonnes of the fibre - around 60 percent of
global cotton inventories.
(Reporting by Niu Shuping and Fayen Wong; Editing by Paul Tait)