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Low international prices impact Zambian cotton sector

25
Jun '12
Cotton prices in Zambia have been impacted by low prices in the world market, and the same is restraining the ginners from paying higher prices to cotton farmers, the Zambia Cotton Ginners Association (ZCGA) has said.
 
World cotton lint prices have been falling since last year, causing the domestic industry to suffer the impact, it added.
 
ZCGA Executive Secretary Bourne Chooka said the current season failed to bring any optimism for the cotton industry and everyone is blaming the drop in world prices for the same.
 
The average of cotton price from 1912 to 2012 came to US$ 0.565/lb, with commodity prices touching a historic high in March 2011. 
 
However, there has been a sharp 69.6 percent fall in cotton prices from the record high levels in March, Mr. Chooka said. 
 
Presently, the global lint price prevails at around US$ 0.72/lb, compared to US$ 1.50/lb price that prevailed during the corresponding period of last year.
 
Stating that they have all been badly hit by the global slump in cotton prices, the ZCGA official said while farmers badly need money, the ginners also need cotton.
 
However, he said they are not ready to pay prices that are much higher than the global lint prices, which necessitates a reduction in the prices paid to producers all across the world, and Zambia is no exception.
 

Fibre2fashion News Desk - India


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