A cold front in China, combined with hail in Texas, are damaging cotton crops and pushing cotton futures to record highs, Bloomberg reported. The China Meteorological Center announced that the cold spell that began in China on Monday may last another day and damage cotton plants. Last week cotton fields in Texas, the heart of the US cotton production industry, were damaged by hailstorms. As a result, cotton futures for December delivery rose to US$1.2471 per pound in New York, the highest level since cotton futures began trading 140 years ago. Cotton prices are up 65% so far this year. The International Cotton Exchange halted options trading on Monday after futures increased by the maximum limit of 5 US cents and said it will increase the daily limit to 6 US cents.
Cold weather in China extends rally in cotton futures
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