Cotton gains as global stockpiles head higher
Updated: 2013-01-24 14:06
(China Daily)
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Cotton is set to trade between 70 US cents and 80 cents a pound this year as China, the biggest buyer, boosts stockpiles, and global inventories climb to an all-time high, according to Australia & New Zealand Banking Group Ltd.
World reserves may climb to a record 18 million metric tons in 2012-13, Singapore-based analyst Victor Thianpiriya said in a report on Wednesday. China's inventories may total about 10 million tons, more than enough to supply its needs for a year, he said.
High prices, weak demand weigh on cotton industry
Xinjiang sets world record for cotton production
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