July 23, 2004
July 23, 2004 -- Cotton prices have slumped to a 20-month low amid reports that Chinese buyers may be delaying payment on U.S. and Australian imports.
The Australian Broadcasting Corp. reported that December futures contracts slid again last week to 47.38 cents per pound. Imports of cotton to China have plunged by up to 40 percent.
Andrew Cottle from Independent Commodity Management says market conditions will be depressed for the next few months as the Chinese Government attempts to slow its economy.
?It?s a considerable worry, but we suspect over time they will re-enter the market,? said Cottle.