First time since 1995 the price of one pound cotton passed 1 dollar. The demand from textile producers outpaced the supply, the global inventories are declining. China which is the leading producer and receiver in the world, may increase its imports due to a 13 percent decline in the cotton production. According to the chairman of Gill & Co. which is a Mumbai based trader, they are expecting a 10 to 15 cents increase in a pound of cotton in the next 15 to 30 days.
Cotton Prices are Doubled in Turkey
Turkey is one of the major towel manufacturers in the market. According to the president of chamber of commerce in turkey, 100% increase in cotton prices affected the textile market very deeply. Towel manufacturers and textile companies are having hard times even in giving prices to their potential customers. According to the president of ATEKS, a Turkish based textile company, white gold (cotton) has a very sharp increase in the world market and the production has to be strengthening in order to get better quality cotton. He also adds that the increase in cotton prices passed the increase in gold prices throughout the world.