Cotton Trading Manual

Cotton Trading Manual CTM Cotton Trading Manual Edited by the Secretariat of the International Cotton Advisory Committee Cambridge England Published by Woodhead Publishing Limited, Abington Hall, Abington Cambridge CB1 6AH, England www.woodheadpublishing.com Published in North America by CRC Press LLC, 6000 Broken Sound Parkway, NW, Suite 300, Boca Raton FL 33487, USA First published 2005, Woodhead Publishing Limited and CRC Press LLC © 2005, Woodhead Publishing Limited The authors have asserted their moral rights. This book contains information obtained from authentic and highly regarded sources. Reprinted material is quoted with permission, and sources are indicated. Reasonable efforts have been made to publish reliable data and information, but the authors and the publishers cannot assume responsibility for the validity of all materials. Neither the authors nor the publishers, nor anyone else associated with this publication, shall be liable for any loss, damage or liability directly or indirectly caused or alleged to be caused by this book. Neither this book nor any part may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming and recording, or by any information storage or retrieval system, without permission in writing from Woodhead Publishing Limited. The consent of Woodhead Publishing Limited does not extend to copying for general distribution, for promotion, for creating new works, or for resale. Specific permission must be obtained in writing from Woodhead Publishing Limited for such copying. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation, without intent to infringe. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library. Library of Congress Cataloging in Publication Data A catalog record for this book is available from the Library of Congress. Woodhead Publishing ISBN-13: 978-1-85573-439-5 (book) Woodhead Publishing ISBN-10: 1-85573-439-7 (book) Woodhead Publishing ISBN-13: 978-1-84569-092-2 (e-book) Woodhead Publishing ISBN-10: 1-84569-092-3 (e-book) CRC Press ISBN-10: 0-8493-9546-1 CRC Press order number: WP9546 ISSN 1748-8354 Typeset by SNP Best-set Typesetter Ltd., Hong Kong Printed by Astron On-Line, Cambridgeshire, England Contents List of contributors Preface Index Part 1: The cotton trade: history and background 1 History of the cotton trade from origin to the twentieth century John Baffes Early history Competition between cotton and wool and emergence of the West Rise of the US and dominance of England Globalization Statistical appendix 2 The cotton trade today Paul A Ruh Introduction to the cotton trade Trends in world fiber consumption The international cotton trade Who are cotton merchants? What is the added value cotton merchants provide? Information gathering Forecasting cotton prices Pricing of cotton Hedging and the New York futures market E-trade Positions Summary Contents/page i Contents Part