ICAC: Global Cotton Prices Rose Sharply In October

2010/11/2 10:22:00 43

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International cotton

(29470680.00,2.36%) the Advisory Committee (ICAC) said Monday that the world

Cotton price

It reached a record high in October. The first three months of this year were also at a record level.

ICAC said in its report that the Cotlook A index reached a record high of $1.47 a pound, higher than the previous record of $1.19 a pound in April 1995.

The average of the index in October was US $1.27 per pound, which is 89% higher than that in October 2009.

ICAC said that from August 2010 to October, the average price volatility was 57%, higher than 11% in the same period of 2009/10.

"This is the highest level of concussion in the first three months of a season since the first release of the Cotlook A index in 1960s," ICAC said.

The price is rising.

Global

Cotton stocks are tight and demand continues to be high.

The price is also boosted by the decline in Pakistan's production and the expected lower output in China due to floods, ICAC said.

ICAC said that global cotton stocks in are expected to remain tight due to increased production and use of cotton mills.

ICAC estimates that the Cotlook A index for 2010/11 will be 92 cents per pound, up 18% from the previous year, and the highest level since the year of 1994/95.

Global cotton supply

08/09 09/10 10/11 08/09 09/10 10/11

(million tons) (millions of packages)

Output 23.33 21.8 25.3 107.2100116

Consumption 23.52 24.6 25 25

Exports 6.62, 7.8, 8.4 30.43639

Inventory at the end of the year 11.96 8.9 9.3 9.3

Cotlook A* 61.20 77.54 92** 61.20 77.54 92**

* Cotlook A index season average (cents / pound).