Cotton prices are dropping amid economic concerns and weak demand as fears of a global economic slowdown might negatively impact demand for apparel and other goods. In its report for September, cotton market information resource Cotlook said that international cotton prices “reversed direction in dramatic fashion” during the month, registering a decline of more than 20 percent from the end of August to the end of September. Cotlook spoke of “demand destruction” across the globe as a result of macroeconomic factors. Cotlook raised its estimate for the global surplus in 2022-2023 to 452,000 tons, from just 12,000 tons in its previous outlook last month.

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