Bloomberg News

Cotton Traders May Have Reneged on 20% of Contracts, WSJ Says

August 31, 2012

Cotton traders may have reneged on or rewritten 20 percent of contracts since 2010, worth as much as $12 billion, the Wall Street Journal said, citing Terry Townsend, executive director of the International Cotton Advisory Committee.

Cotton growers and textile mills walked away from supply agreements after prices turned against them, the newspaper said.

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net


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