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.

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.

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.

At 2:00 p.m. on weekdays, the paction 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.

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

。

According to the regulations of the relevant departments, in order to reduce intermediate links, the bidders are limited to textile cotton enterprises.

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, paction 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 paction 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.

The reserve price of the annual reserve cotton is 13000 yuan / ton.

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.

Scattered, no longer carry out notarization inspection, according to the original quality and weight of listed pactions; 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.

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 paction, dealers and member units must be invited to participate in the paction.

It is easy for the market to deposit a margin of not less than 300 thousand yuan to ensure the paction proceeds.

The performance bond is temporarily withheld according to the quantity of the paction in accordance with the amount of 700 yuan / ton.

Stop trading until complemented.

The paction is proceeding normally.

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

Account number: 021001040003041

If a dealer or member unit intends to pfer the margin deposited in other accounts in the trading market to the national reserve cotton auction sale guarantee

In the gold account, the company shall issue a written facsimile of the agreed pfer, and affix the official seal and financial seal.

2. In order to facilitate the recognition and remittance of traders or member units, the trading market makes the reserve cotton of China Cotton Group Co., Ltd.

The coding mark is determined to be "Z", and the coded symbol of the cotton produced by the Chinese cotton group company is determined to be "ZC".

The coding mark of the reserve cotton produced by the cotton preparation management company is identified as "C".

Account Name: China Cotton Group Co., Ltd.

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

Account number: 20399990010100000015391

If the seller is the China cotton reserve management company (code "C"), after the paction, the buyer and the China cotton reserve management company directly sign the purchase and sale contract through the trading market, and the witness of the paction market, the buyer will remit the remittance to the "China reserve cotton settlement account" of the China cotton reserve management company.

Account Name: China Cotton Reserve Management Corporation

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

Account number: 20399990010100000017651

In order to speed up the settlement speed and reduce the time of funds in pit, it is suggested that the buyer pay the money strictly according to the remittance amount of the contract and use the wire pfer method, and mark the binding number of the billing paction in the remittance note column.

Six, others

1, according to the actual situation, the national reserve cotton stored in the same warehouse and the same year shall be sold for "bundles", and the specific bundling shall be based on the actual data released in the trading market.

2, the export cost of the state reserve cotton is 22 yuan / ton, which is borne by the buyer himself.

3, in order to allow more enterprises to keep abreast of the cotton paction information in the paction market, the paction market provides free real-time quotes services to the cotton enterprises, textile cotton enterprises and other interested enterprises and individuals who are interested in the state reserve cotton trade. Enterprises or individuals can view the real-time quotas of cotton reserves through the China Cotton Information Network national reserve cotton trading column.

4, in order to familiarise dealers or members' traders with the methods and procedures of the national cotton reserve trade, the trading market is scheduled to hold traders training in July 13, 2007. Dealers and member units will sign up voluntarily before 5:00 p.m. on July 12th.

5. Unfinished items shall be implemented according to the "state reserve cotton auction sale method".

This is hereby announced.