Sources say China sells 70% of 3.78 mln tn cotton offered in Mar-Aug.

China sold around 2.66 mln tn of the 3.78 mln tn cotton offered from its state reserves during Mar-Aug. In August, the country sold 565,126 tn of the 682,098 tn cotton it offered to textile mills, while in July, around 400,656 tn cotton of the 625,838 tn offered was sold. In August, average price of cotton offered at the auction ranged from 13,955 yuan (136,675 rupees) a tn to 14,622 yuan. Local textile mills have bought about 55% of total cotton sold so far in China, while non-textile businesses have purchased around 44%.