Cotton's version of the dog that didn't bark

摘要

As in a Sherlock Holmes novel where the telling clue is the dog that didn't bark, the significant features of the cotton industry at the start of 2013 are, according to latest monthly cotton report of the International Cotton Advisory Committee, those that are not happening: It points out that-1. So far during 2012/13, cotton prices have not been volatile; 2. The Cotlook A Index has not fallen further than an average so far of 83 US cents, despite a record high ratio of world cotton ending stocks to use; and, 3. World production is not dropping enough this season to prevent a further large gain in ending stocks.