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Markets worldwide this week

Oct '08
Global: Cotton market prices
Cotton prices further slid in the last three days in line with the fall in stock markets all over the world. Physical demand is not yet reacting to the sharp decrease in prices, probably anticipating lower levels in the near term. Yarn prices are also in strong decline.

China: Yarn market prices
Spun yarn prices have started falling more rapidly in last days in China, in line with general decline in raw material markets. Demand is reported at very low levels as processors are anticipating lower yarn prices in the near term. Likewise cotton yarn prices have also shown a declining trend.

Pakistan: Yarn export prices
Yarn export prices started heavily falling since the first week of October in Pakistan, as a result of lower demand from Europe and the Far East. Domestic cotton prices are also declining sharply as first arrivals from the new crop are significantly higher than a year ago.

Polyester fibre prices also followed in footsteps of cotton and fell by a good margin. With the drop in polyester prices, a new decline in spun polyester prices is now in sight.

Australia, New Zealand & South Africa: Wool market prices
Wool prices dramatically fell this week in US$ and Euro terms, reflecting a sharp fall in the Australian dollar. The 1% cut in Australian interest rates triggered the decline while leading central banks only reduced by 0.5% their rates.

Prices were slightly higher in A$ terms, giving some support to farmers in this crisis period.

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