Cotton's plunge: Recession warning or just another market mess?
CNN
Cotton: it's the touch, the feel, the fabric of our lives. It's also in the middle of what economists are calling a "market bloodbath" and in desperate need of a "tourniquet to stop the bleeding."
Each day last week, cotton futures encountered triple-digit losses, and the December futures contract closed below $1 for the first time since January. Cotton has now shed more than a third of its price since early May. That's bad news for US economic growth: The United States is the largest exporter of cotton worldwide.
Cotton is not alone in its precipitous fall. All commodities have dropped in price, as investors anticipate lower demand in the near future as they brace for a possible recession. Crude oil, metals, and other crops have also taken a nasty beating in recent weeks.
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