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Amid concerns that global supplies may not satisfy rising demand – particularly in China – the price of cotton soared again this week, hitting an all-time high. At the close of a seven-day rally on Monday, cotton futures reached $2.197 per pound, which is more than double the cost of the commodity compared to this time last year. Prices finally stabilized mid-week following a report from the International Cotton Advisory Committee that global cotton output will rise 11% this year to a record 27.6 million metric tons. The increase in output is becoming more necessary, as China alone imported 390,720 metric tons of cotton in January, a 31% rise. China's Ministry of Commerce said the country will continue to actively expand its imports of cotton in 2011.
A variety of factors, including high demand in Asia and disappointing crops in several countries, have driven cotton prices to their highest level since the Civil War. Before trading stabilized yesterday, cotton futures reached $1.19 per pound, an increase of 80% compared to last year. According to the U.S. Department of Agriculture, this is the fifth consecutive season that the global demand of cotton has overwhelmed the supply.
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