Dubai Cotton Centre (DCC) Opened For 3 Months
Due to economic uncertainty, the opening of the Dubai cotton Centre (DCC) has been postponed for 3 months. Now the centre is scheduled to operate in the third week of April. Dubai cotton center will become a wholesale and trading station for Uzbekistan cotton to Asia. Because cotton will be stored in Dubai, it will save 40 days of pportation time. Therefore, the establishment of a cotton center is very beneficial.
At present, for Asian Importers, Uzbekistan cotton is pported to Iran and Bandar Abbas by railway, and from here to Asia, the delivery time is often delayed. If cotton is stored in Dubai, it will take only 7 to 10 days to pport cotton through waterways to most Asian countries.
The cotton traded in Dubai cotton center will be pported directly to Dubai by cargo ship via Bandar Abbas. The Trade Department of Dubai cotton center is the next wholly owned subsidiary of DMCC in Dubai. The Trade Organization reached an important agreement with the Uzbek import and Export Centre (Uzprommashimpeks) to provide cotton for the Dubai cotton centre. The Uzbek import and export centre is the largest cotton exporters in Uzbekistan.
Dubai's cotton trading volume is also expected to be affected by the economic crisis that has reduced global cotton demand. As of September this year, the Dubai cotton center has cut the target of 25-30% to 50000-60000 tons.
Officials at the Dubai cotton Center said that if demand for cotton continues to decrease, the number of pactions will be modified. Because of the economic crisis, the overall cotton trade is facing uncertainty because consumers can arbitrarily control their income or reduce their non refundable income, and demand for textile products has declined.
In the next few days, the Dubai cotton center will sell cotton at the price of about 50 cents per pound, which is regarded as the benchmark price. However, as long as demand is improved, Dubai cotton center will raise its price and increase profits.
The Dubai cotton centre is negotiating with DP World, the world's largest maritime operator, to add cotton storage facilities. They may also begin to sign cotton futures contracts.
Editor in chief: Xu Qiyun
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