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Cotton prices will sky-rocket by year-end – experts

30
Apr '10
Experts believe that cotton production in China in the 2010-11 cotton season is unlikely to increase significantly. Relevant domestic agencies are more cautious about the forecast on domestic cotton acreage.

The survey conducted by China Cotton Association indicates that national cotton planting area in 2010 will increase by only 0.17 percent over the previous year and is expected to touch 77.90 million Mu (one hectare = 15 Chinese Mu).

A report released by China Cotton Institute shows that cotton planting intention of this year displays a decreasing trend; cotton planting area is expected to be less by 3.5 percent compared with the same period in 2009.

An analyst is of the opinion that, the weather in North China is unusually cold this year, cotton-planting progress is far behind the same period in last year, 2010/2011 will not see much increase in cotton production.

He adds by saying that, coupled with demand growth of the textile industry, cotton imports in next year will reach 6 million tons; market outlook of cotton price is expected to gain upward.

As ending stocks of global cotton decline, cotton prices are expected to climb higher, at least the average price of grade 3 in early May is expected to rise to 17000 Yuan / ton, and hit 17,500 Yuan / ton in June.

It is also expected to surge to 19,000 Yuan / ton by the end of 2010. Experts warn cotton-consuming companies to be prepared to deal with cotton shortages as well as sky-rocketing prices of cotton in the next cotton season.

Fibre2fashion News Desk


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