China announces cotton reserve purchase beginning 13th July. Dec ’22 now trades at 95.27!

China announces cotton reserve purchase beginning 13th july for up to 300 -500,000mt of raw cotton. Nevertheless, there is an estimated 2 million mt of stocks in Xinjiang and Chinese new crop is making good progress. The market has spiked over 500pts upon release of this news, with December’22 now trading at 95.27 usc/lb.