The price of cotton has vaulted above the key $1 a pound level for the second time in history as worries about a shortage of the fibre prompted textile mills to scramble for supplies.
Cotton futures for delivery in December have risen by almost 30 per cent since the beginning of August to reach $1.0198 a pound on Monday, the highest since 1995.
“It’s the second time since the Civil War cotton prices have gone over a dollar,” said Jordan Lea, president of the American Cotton Shippers’ Association, referring to the 1861-1865 war between US states. “It’s a relentless bull market.”
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