Cotton Jumps to 11-Month High on Bets China Use to Rise
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Cotton futures jumped to the highest in 11 months on speculation that China, the world’s biggest consumer, will increase imports.
The U.S. Department of Agriculture last week raised its estimate for Chinese consumption this year to 36 million bales, up by 1.4 percent from a month earlier. The USDA also boosted its forecast for the Asian nation’s imports by 7.1 percent. The Chinese government may boost import quotas by April, Reuters reported.