The Decline In International Cotton Prices Worries The Clothing Industry
International cotton prices are now down 53% from the historical high of this spring, causing the whole world.
Clothing industry
Worries.
clothing
Enterprises will be forced to study whether to maintain the existing high prices, so as to increase the profit margins of enterprises, or reduce prices, so as to lighten the burden on consumers.
The report emphasizes that clothing companies specializing in low selling goods such as T-shirts and jeans are most likely to be hit by the fluctuation of cotton prices because the cost of raw materials occupies a greater proportion in the total cost.
VF, the world's largest clothing manufacturer, has said that cotton prices have never fluctuated so much in the past, but they want to maintain the current price level.
The report pointed out that in the past year, the sharp fluctuations in international cotton prices were particularly evident.
Affected by cotton harvest in Asia
market
Driven by strong demand, cotton prices doubled more than last July to March this year, and the March cotton exchange settlement price hit a 140 year high of 2.1515 US dollars per pound.
Since then, cotton prices have fallen all the way, and so far the decline has been more than 50%.
In the Intercontinental Exchange, cotton futures for December were closed at 98.63 cents a pound on Wednesday.
China's largest cotton importing country in June saw a sharp drop in cotton imports, which confirmed the market's fear of weak demand, while the US Department of agriculture also lowered its export expectations for the year of cotton sales.
Foreign manufacturers who sign contracts for procurement during the cotton price increase are now competing to cancel contracts, the report said.
They said they could no longer afford to pay the original price due to reduced demand.
Indonesia and Bangladesh and other cotton buyers even default.
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