 Field of cotton in South Carolina, USA |
Mineral prices played a big part in the drop, where copper fell by 6%, nickel by 7% and lead by 12%. Aluminium seemed to be the only one to increase, going up 12%. Precious metals, on the other hand, experienced a strong decline two weekends ago. In terms of plant materials, the collapse was even greater. After seeing a 60% price climb in one year, sugar decreased by 26% since the month of March.
As for cotton, after its value increased by more than a whopping 160% over the last year, it has also gone down 25% since March, which was when the last price peak was registered. If things continue this way, the situation of the textile and clothing industries could take a turn for the better. Both have suffered a great deal over the last several months due to the sharp rise in raw material costs, since this inevitably leads many retailers and brands to also increase their retail prices.