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Cotton Surges Exchange Limit to Record on China Demand Gain

Cotton soared to the highest price since the commodity began trading in New York 140 years ago, as demand for imported fiber increased from textile mills in China, the world’s largest user.

The China Cotton Association said today that inventories held by non-government entities fell 48 percent in September to 107,000 metric tons from August. More than half of U.S. exports last week went to China to meet mill demand, the U.S. Department of Agriculture said. Cotton futures have jumped 52 percent this year on signs that world use may outpace shrinking supply.