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Expert concerned of cotton trade concentrated in hands of few
07
Oct '09
According to a top official of the International Cotton Association (ICA), which dates back to 1841, when it was called the Liverpool Cotton Brokers Associations said that, the cotton industry faces a huge challenge as traders are leaving the business in large numbers.

Mr Cliff White, the incoming President of the more than 160 years old cotton trade body, said, he fears that, the global cotton trading business is slipping in to the hands of a few companies, as cotton merchants exit from the trade, unable to withstand pressures.

Mr Cliff White, who has been anointed as the next President of the ICA said that, Paul Reinhart Inc. of Texas sought bankruptcy protection last year, the U.K.'s Weil Brothers & Stern Ltd. said it plans to close next year and Memphis, Tennessee-based Dunavant Enterprises Inc. held talks to merge with Allenberg Cotton Co., owned by Dreyfus.

This, he said, is a matter of concern as the cotton trading business, will now be concentrated in the hands of a few like Louis Dreyfus & Cie. SA, Olam International Ltd., Noble Group Ltd. and Cargill Inc., who will be controlling more than half of the fibre traded worldwide.

Fibre2fashion News Desk - India

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