The price of cotton, one of the world’s oldest and most important commodities, had enjoyed relative stability in recent years until last February, when it soared, partly due to speculation. While it has retreated since then, analysts expect the combination of lower supply and higher demand to force cotton prices up over the coming months.
The natural fibre is often punted as a natural solution to climate change. But research comparing it to other textiles has proven that much more than hemp is needed to reverse the effects of climate change.
The ICE cotton market experienced a significant decline for the fifth consecutive week, with all contracts falling by around one per cent.
The May contract dropped by 0.89.
ICE cotton prices hit new lows amid a bleak market, with cash settlement dropping to 83.64 cents per pound.
Sluggish demand and rising stocks at ICE are dampening sentiments,.
Egypt's Cotton Is Poised to Return to Global Prominence egyptianstreets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from egyptianstreets.com Daily Mail and Mail on Sunday newspapers.