Cotlook Forecasts 2011/12 Surplus At Over Four Million Tonnes

BIRKENHEAD, United Kingdom — December 23, 2011 — During the past month, Cotlook's forecasts of both production and consumption during the 2011/12 season have been reduced significantly. However, the downturn in estimated mill use has comfortably exceeded the fall in output, with the result that the season's apparent surplus has risen by almost 500,000 tonnes since November, to over four million tonnes.

Since Cotlook's initial estimates for 2011/12 were published in late February of this year, the production forecast has fallen by nearly 850,000 tonnes,whereas the consumption figure has contracted by a remarkable 14 percent, or 3.7 million tonnes.