a result of the projected surplus of 2.9 million tons, global cotton
stocks could rebound to 11.9 million tons by the end of 2011/12. This
recovery follows two seasons of relatively tight global stocks…Almost
40% of the gain in global stocks this season could take place in
China, due to the rebuilding of the national reserve. Between October 8
and December 30, 2011, a total of 2.1 million tons of domestic cotton
were purchased for the China national reserve. Daily purchases are
continuing…There is no limit to the amount of domestic cotton to be purchased by the national reserve this season. In addition, it
is reported that about one million tons of non-Chinese cotton has been
bought for the reserve; this cotton will be shipped to China over the
next few months.”