TOKYO -- Global cotton prices have plunged, hit by the effects of the U.S.-China trade conflict along with swelling American production.
Cotton futures on the New York market dropped to around 65 cents per pound on May 13, touching the lowest level since August 2016. Prices of raw cotton -- the material for cotton fabric -- had been rising from February to early April, based on optimism that U.S.-China relations would improve. But the prices have since fallen off by 17%.
