Cotton prices hit record high amid strong Asian demand

October 15, 2010
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, NEW YORK, Oct 15 – Cotton prices reached an all-time peak on Friday as inventories dropped amid growing demand in Asia.

In New York, ICE December cotton futures touched 1.1980 dollars a pound, exceeding the previous record set in 1995.

"Continued robust Asian demand — and Chinese import demand in particular — coupled with supply-side problems and the marked decline in stocks has underpinned the rally," said Barclays Capital analyst Sudakshina Unnikrishnan.

Cotton prices have pushed up in recent months, impacted by a drop in production in Pakistan following devastating floods and a severe monsoon season in India. The two countries are among the world\’s largest cotton producers.

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