Cotton Prices Jump to Record High
In New York, ICE December cotton futures touched 119.80 cents a pound, the highest price since 1995, The Financial Times reported.
Last week, the U.S. Department of Agriculture lowered its estimates for cotton production. Meanwhile, cotton futures in China are trading at 160 cents a pound on local shortages.
"China panics, then New York reacts to it the next day," Peter Egli, risk manager at Plexus Cotton, told the FT.