Covid-19 pandemic expected to weigh on cotton prices into 2020/21 season
Dhaka, Bangladesh, Aug. 4 -- Even plummeting prices aren't enough to offset Covid-19's impact on global cotton consumption - but the situation could improve quickly, assuming the world gets the pandemic under control.
The price projection for the year-end 2020/21 average of the 'A Index' is 62.8 cents per pound this month, according to the International Cotton Advisory Committee (ICAC)'s latest update.
The current 2020/21 cotton consumption forecast is 23.9 million tonnes, representing a 5.0 per cent increase from the previous season.
Cotton production for 2020/21, on the other hand, is projected to move in the opposite direction, posting a 5.0 per cent decrease to 24.8 million tonnes largely due to 2.0 million hectare decrease in glob...
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