Increased supply and lower demand hits producers as consumers choose cheaper alternatives
The price of cotton has tumbled as growing competition between the world’s biggest producers drives up supply while cost-conscious shoppers seek out clothes made out of cheaper fabrics. ICE cotton futures fell below $0.69 a pound this month, the lowest level since October 2020 and less than half their 10-year peak hit in May 2022. Prices have been dragged down by a sharp rise in production in Brazil, which recently overtook the US as the world’s largest cotton exporter.
Over the past few years shoppers have increasingly opted for polyester and other man-made petroleum-based fabrics, which are cheaper and quicker to produce than cotton, but have a much larger environmental toll. Some in the market also blame computer-driven hedge funds that try to profit from latching on to market trends either up or down, claiming that selling by these quant managers has contributed to falling prices.
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