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2010-11-4
Cotton futures set a fresh 140-year high, beating out the latest record from Oct 26. Cotton for December delivery rose as high as the day's exchange-set limit would allow, 5 cents, or 3.9% to $1.3426 a pound on ICE Futures U.S. Cotton prices have nearly doubled since early July, on a spate of bad weather in China and the devastating floods in Pakistan. The impetus for Tuesday's move came from India, the world's No 2 producer and exporter of the fiber. The country's textiles minister signaled that India was reluctant to authorize more exports and will first gauge whether domestic mills have enough supplies. Clothing retailers have already announced price increases for next year.
ICE Dec10 Cotton Trend:
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