2023 China state cotton reserves sales policy was announced on the night of Jul 18, 2023. What surprised everyone the most this time was no specific selling volumes of reserved cotton, which differed from the market's previous speculation of a fixed amount. This led to various speculations in the market. Some market participants believed that the absence of a specific volume indicated a "sufficient supply" and had a slightly bearish view, while some market participants thought that the state cotton reserve was employing a "bluffing strategy" and had a slightly bullish view. As a result, ZCE major cotton contract declined by about 300yuan/mt during the night trading session on Jul 18. And the further details on the reserves sales policy are awaited. Before the specific details are released, let's analyze from the 2023 cotton reserve sales announcement and the transaction situation of the reserves sales in 2021.