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Global cotton prices down on weak demand & higher production, says ICAC


Global cotton prices have already corrected by close to 26 per cent in the past one year from 99.5 cents a pound in August 2018 to 74 cents in July 2019 and are likely to slide further amid gloomy prospects for global consumption, says the International Cotton Advisory Committee (ICAC) in its August report, it is learnt. 


The ICAC has projected dim prospects for global cotton demand while production for 2019-20 is likely to increase. “Global cotton consumption is projected to increase by 1.7 per cent in the coming season, but if production grows by the expected 6 per cent, it will exceed consumption by about 300,000 tonnes. As a result, global stocks should swell to 18 million tonnes. Those factors, combined with tepid expectations for global economic expansion, have dimmed the hopes for next season’s cotton demand,” ICAC said in a statement, as per a report.

 

Source : Exim News Service - Mumbai, Aug. 12

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