Cotton Futures in China Surge as State Purchases Reduce Supplies
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Cotton futures traded in China’s Zhengzhou climbed the most in a year after government purchases reduced the supply in the local market.
Cotton for May delivery advanced 2.6 percent to 20,385 yuan ($3,273) a metric ton on the Zhengzhou Futures Exchange, the biggest gain at close since Feb. 1, 2012. The most-active contract is headed for a 7.6 percent gain this month, the most in two years.