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Cotton prices continue to spike
27
Nov '09
As acquisition of new cotton is picking pace, there has been an unprecedented increase in prices of cotton in the markets. Purchase price in China is hovering between Yuan 6.8 -7.0 per kg.

In the same period last year, Chinese cotton prices had dipped to just Yuan 4.8 per kg, due to a drop in demand from the textile sector, following the outbreak of the financial crisis.

Due to this cotton farmers suffered huge losses, which in turn led to a lower acreage of cotton in the current cotton season. Cotton planting area in Hubei Province has fallen by more than one million mu (One hectare = 15 Chinese Mu).

Total cotton output of Hubei Province is expected to be about 410,000 tons this year, down 20 percent year on year and traders from other provinces are lining up in Hubei to purchase cotton.

According to experts, the state will not intervene, since higher prices benefit the cotton farmers. In face of intensified competition in cotton procurement market, cotton prices may rise higher in the near future.

Fibre2fashion News Desk - China

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