Cotlook Downgraded Global Cotton Consumption Forecast &Nbsp In 2011/2012, Due To Economic Downturn.

Cotlook, an influential industry publication, lowered its estimate of global cotton consumption in 2011/2012 on Thursday, and raised the estimate of excess cotton market, which inhibited cotton demand because of economic worries.

"The deterioration of the economic outlook has become a major factor that affects all buyers in the value chain of cotton textile industry.

"Cotlook published the November report.

Cotlook further reduced the forecast of global cotton consumption by 400 thousand tons in 2011/2012, and estimated that the end of the world inventory was 3 million 556 thousand tons, up nearly 20% from the estimated 3 million 3 thousand tons in the previous month.

It estimates that the world's cotton consumption is 23 million 523 thousand tons, valued at 23 million 923 thousand tons last month.

Cotlook said that the estimated consumption after downgrading is roughly the same as that of the previous year.

ICE cotton prices hit a record high of about $2.27 a pound in March 2011, but recently dropped below the psychological level of $1 a pound.

Cotlook said that in recent months,