Cotton prices fall
China Daily | Updated: 2010-11-23 08:11
TOKYO - Cotton declined to a four-week low in New York and futures in Zhengzhou fell on speculation that global demand will drop as China, the biggest importer, takes steps to slow growth and as planting expands in India.
Cotton for March delivery fell as much as 3.1 percent, to $1.1937 a pound, the lowest price since Oct 22, on ICE Futures US in New York on Monday. The fiber fell 8.2 percent last week, the most since February 2009.
Cotton for May delivery slumped as low as 25,840 yuan ($3,891) a ton on the Zhengzhou Commodity Exchange and settled at 25,870 yuan on Monday.
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