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Cotton Extends Gain on Tightening Global Supplies, China Demand

Cotton climbed to the highest price since touching a record more than a week ago on renewed concern that global supplies are failing to keep pace with demand from China, the biggest consumer.

China imported 390,720 metric tons of cotton in January, 31 percent more than a year earlier, after an 86 percent increase in 2010 to 2.84 million tons, the customs agency said Feb. 24. The National Bureau of Statistics said yesterday that output declined 6.3 percent to 5.97 million tons last year. Prices more than doubled on ICE Futures U.S. during the past six months.