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2010-12-20
On Friday, cotton futures for March delivery rose by the exchange limit of 4 cents, or 2.7 percent, to $1.5012 in New York, the highest since Nov. 10, when the fiber reached a record $1.5195. The price, up 9.6 percent this week, has almost doubled this year amid a global shortfall.
Output in China's Shandong province, the nation's second- biggest producer, plunged 22 percent this year from 2009 after natural disasters hurt crops, the region's Agriculture Information Center said.
"The market is yet to ration supplies," said Mike Stevens, an independent trader in Mandeville, Louisiana.
China is the biggest producer. The U.S. is the leading exporter.
Source: Bloomberg
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