Cotton prices at one-year low as demand hit by recession fears

Economic slowdown and aggressive rate hikes amidst recession fears have hit demand for textiles, given its discretionary nature. This in turn has cotton millers needing less cotton which, in addition to prolonged lockdowns in China, has created a demand issue.

An ever-rising supply in the face of this waning demand has pushed prices to a one-year low for this month. Moreover, fears of continuing inflation in Europe and the United Kingdom has the sector worried that the demand picture will remain muted.

CNBC-TV18 spoke to William Bettendorf of the Cotton Council International; Marc Lewkowitz, President & CEO of Supima Cotton; and Prabhu Dhamodharan, Head of Tex-Preneurs Federation discuss what is in store for the sector going forward.