Cotton futures at ICE traded at a 10-½-year high of around 127 USd/Lbs in the second week of February. The price has more than doubled over the past 12 months especially since the beginning of 2021. As prices registered a 35% hike over that period.
Substantial rains in India and flooding in Australia and Pakistan have overstretched global cotton supplies this harvest season, pushing up prices. However, the mainly fueled by China - the largest global cotton consumer increased its imports.
China is now stocking up on a large amount of cotton to meet their future needs, forecasting any possible crisis. .
#Cotton price movement
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