The A-Index of world cotton prices (the yellow line) generally parallels ICE cotton futures (the green line) at a premium.  China’s internal cotton price (the blue line) is usually higher than world prices, but the spread collapsed in April 2022 with a big uptick in the A-index.  Similarly, The ICE cotton Jul’22 contract traded higher than the Chinese price in May.   But in late June, all three price series turned down, with ICE futures dramatically collapsing below the other two price series.  Since then all three price series have remained in a down trend.  China markets were on their Lunar Holiday for the week ending January 26, while the A-index of world prices was flat to mixed.