Cotton Falls 22 in China's Imports

9/25/2014 10:28:23 AM

(MENAFN- Qatar News Agency) Washington September 25 (QNA) - Cotton prices dropped to the lowest in almost five years as China moved to limit imports signaling an expanding global glut that's cutting costs for T-shirts and jeans.

China the world's largest importer and grower said this week it will restrict shipments for 2015.

Futures tumbled 27% this year as rains boosted prospects for crops in the US the top exporter.

Lower prices can help improve profit margins for Hanesbrands and Carter's the maker of children's apparel that said lower cotton costs will show up in next year's clothing line.

Slowing demand from China will leave more supplies with world inventories already at an all-time high.

Global production will exceed consumption for a fifth straight year boosting stockpiles by 6% to a record 106.3 million bales by July 31 2015 according to the US Department of Agriculture data. (QNA)

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