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Cotton prices down 29%

Washington — With world cotton production booming, far outpacing demand, international cotton prices continued to deteriorate in June to new season lows, and the Cotlook A Index, a measure of international prices, dropped beneath 47 cents a pound, the International Cotton Advisory Committee (ICAC) reported.

At the low level, cotton prices are now 19 cents, or 29 percent lower than in December, when the Cotlook A index reached 66 cents per pound.

Driving the price erosion, world production is expected to increase by 6 percent, to 20.2 million tons next season, exceeding world consumption by about 300,000 tons.

"With supply anticipated to exceed demand in 2001/2002 and in 2002/03, prices are likely to remain depressed," said ICAC.

Supply/demand forecasts, said ICAC, suggest an average price of 54 cents for this cotton season, three cents beneath original projections.

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