2020/21 China state cotton reserves end, with zero reserved

According to reserving price formula under the state cotton reserve policy, by Mar 31, the price spread between Chinese and foreign cotton is 1,497yuan/mt. The 2020/21 state cotton reserves have ended, with planning reserving volumes of 500kta, while the actual reserving volumes of zero, as the price spread fails to narrow within 800yuan/mt during the period.