Cotton trading at record high price
11/02/2011
Global output will be 115.25 million bales in the year ending July 31, down 0.2% from a January forecast, with demand at 116.55 million, the USDA report said. Output this year in Central Asia will be 7.02 million bales, down by 2.1% on last month’s projection. A bale weighs 218 kilos.
Cotton for March delivery is now trading at a record price of $4.12676 per kilo in New York. Prices have more than doubled in the past 12 months. US export sales rose by 26% in the week ending February 3, USDA said. Industry observers have suggested that scarcity of supply will halt trade before cost does as buyer’s in Asia have continued to pay the asking price.
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