Challenges Persist: Global Cotton Prices Surge Amidst Uncertainty
Global cotton prices have surged recently, reaching exactly a dollar per lb in February 2024, up 8 percent from the previous month. This rise, after a period of stability between 80 - 90 cents, challenges the notion of a post-pandemic "new normal" for cotton prices.
The main driver behind this surge appears to be China, which is significantly increasing its cotton imports despite sitting on record inventory levels. This shift follows the Xinjiang ban, which led to concerns over forced labor practices and subsequently excluded Chinese-origin cotton, yarn, and fabric from global textile supply chains.
China's efforts to source cotton from other countries to maintain its global competitiveness may push cotton prices to unprecedented levels. Some speculate that China aims to drive prices high enough to make apparel destined for western markets prohibitively expensive, potentially prompting relaxation of the ban conditions.
If these fears materialize, the global cotton market may still be far from settling into a new normal. This surge in prices, however, benefits Pakistan's spinning and fabric industry, which has been struggling with weak demand and record inventory levels.
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