China trading pushes cotton price to record high
15/10/2010
The newspaper said the rise in the price of cotton will reverberate through the textile industry, forcing clothing companies to either pass the increase on to the consumer or face lower margins.
In New York, cotton futures surged to a record high of 119.80 cents per pound, surpassing the previous record set in 1995. Later, cotton traded up 3.13 cents to 118 cents per pound.
The US Department of Agriculture estimates that global demand of cotton has outstripped supply for the last five consecutive seasons as farmers moved into more profitable crops such as soyabean.
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