The World Cotton Market

摘要

The 2003-04 season has ended on an unexpectedly bearish note. A few months ago, the balance of supply and demand seemed to augur strengthening prices as the season reached an end, with world stocks in decline, and a diminishing supply in specific qualities. In the event, the market has lost substantial ground. Barely two months ago, when we last wrote for The Australian Cottongrower the Cotlook A Index was fluctuating just below 70.00 cents per lb. Today, the value is in the mid 50s, and looks decidedly vulnerable to a further move to the downside.