Abares predicts that the global cotton price will hit the second highest record in history

Foreign media news on December 8: the Australian Bureau of agricultural resources, economics and Sciences (abares) said that the global cotton price in 2021 / 22 will hit the second highest record in history.

Abares raised the forecast value of the global average cotton price (represented by the Cotlook a index) in 2021 / 22 by 15 cents to 110 cents per pound, an increase of 27 cents over the previous year, the second highest in history.

The report said that global cotton demand will exceed production, leading to a decline in global inventories and a sharp rise in prices.

With the relaxation of restrictions related to COVID-19, the economic development situation has improved, residents’ incomes have improved, consumer confidence has been boosted, and demand for cotton clothing has also increased.

Abares estimates that the global cotton output is 26 million tons, the demand is 26.3 million tons and the inventory is 19.7 million tons.

Source: Master Boyi

Post time: Dec-14-2021