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Chinese buying sends cotton soaring

Cotton fortified its status as the best-performing commodity of 2013, rising to an 11-month high on the back of strong demand.

New York futures have gained 20.6 per cent this year, outpacing other rising markets such as orange juice, gasoline and US natural gas.

ICE May cotton yesterday rose 2.3 per cent to 90.61 cents a pound, bringing cotton above 90 cents for the first time since last April.

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