Cotlook Limited, an influential source of information for the cotton market based in the UK, has forged an agreement with a pair of Chinese groups so developments in the Asian nation can be reported to international markets.
The China Cotton Association (CCA), the main organisation for the China cotton industry, and the China National Cotton Exchange (CNCE), the body responsible for spot auctions of Beijing's cotton reserves, signed the deal to set up the Beijing Cotton Outlook, a statement by Cotlook made available on Wednesday said.
Beijing Cotton Outlook will rely on the CCA and the CNCE to provide information on developments in the cotton and textile trade in China.
Cotlook has been monitoring world cotton prices for over 80 years. Its Cotlook A index has long been recognised by the trade as the leading barometer for global cotton prices.
China is the world's largest producer and consumer of cotton. Its heavy purchases of US cotton in the 2003/04 marketing year (August/July) sparked a rally in cotton futures on the New York Board of Trade where it surged to its highest level since late 1995.
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