Globally, Cotton May Plunge Yet Again

摘要

After having sunk below the 40-cent/lb. level, global cotton prices, as measured in terms of the Cotlook A Index, have been showing a hardening trend since June this year. In early July, the index, which is the average of the five lowest quotations, was at 43 cents or thereabouts, and futures are beginning to cross the 45-cent mark. The Washington, U.S., based International Cotton Advisory Committee (ICAC) expects the next crop to decline from this year's crop of over 21 million tons to around 19-19.5 million, while consumption is projected to rise from the current season's estimate of 19.86 million tons to 20.27 million.