Cotton Climbs to 140-Year High – WSJ.com

Agricultural , Commodities Oct 15, 2010 No Comments

Cotton prices are at their highest in the 140 years the commodity has traded on an exchange, as heavy Chinese buying and poor harvests are expected to keep global supplies tight.

The ICE December cotton contract hit $1.1980 a pound minutes after trading opened, eclipsing the previous record high set in 1995 by more than 2 cents.

Cotton prices began rising in July on a post-recession rebound in demand. When flooding in Pakistan and heavy rains in China wiped out parts of the major producers’ harvests, futures pushed past the $1 a pound level as traders feared a world-wide shortage.

via Cotton Climbs to 140-Year High – WSJ.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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