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Cotton Industry to Meet Feb. 25 on New Global Contract, ICA Says

Feb. 18 (Bloomberg) -- A cotton industry focus group will meet Feb. 25 to discuss proposals for a new world contract, according to the International Cotton Association.

The group, made up of producers, mills, traders, brokers and controllers, unanimously agreed in a Jan. 28 meeting that “the trade needed a world cotton contract,” the Liverpool, England-based ICA said in a statement dated Feb. 14. Discussions will continue at the group’s meeting next week.

Price volatility since 2008 has spurred “substantial” contract disputes in the industry and “highlighted weaknesses in current trading practices,” according to the statement.

Cotton futures trade on ICE Futures U.S. in New York.

To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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