Cotton reaches lowest since 2009 on China import limits
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 it will restrict shipments for 2015. Futures tumbled 27 percent this year as rains boosted prospects for crops in the U.S., the top exporter. Lower prices can help improve profit margins for Hanesbrands Inc. and Carter’s Inc., the maker of children’s apparel that said lower cotton costs will show up in next year’s clothing line.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063