Cotton Prices Near 10-Year High With Supply Deficit Seen Growing
- Rising prices bring more headaches for companies facing delays
- Indian shipments to drop by 38% in 2021-22 season: association
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Cotton prices surged near a 10-year high as forecasts for lower Indian supply heightened concern that a global deficit will get worse, threatening to increase costs for clothing.
Most-active futures climbed as much as 3.3% in New York, approaching a peak set in early October. The Cotton Association of India on Saturday said the country’s exports will drop by 38% in the 2021-22 season, while researcher Cotlook last week raised its estimate for a global deficit, citing lower output and more demand.