As the globe's biggest consumer and importer of the soft commodity, China exported 34 percent more apparel this past January as compared to January of last year. The total value of last month's garment exports was $123.38 billion. Inclement weather in various cotton-growing regions had decreased production of cotton.
"The bulls have gone berserk, and it looks like they want prices to go higher," Sid Love, president of Joe Kropf & Sid Love Consulting Services in Kansas, told the news service. "China's demand still remains strong."
Shortly before 3 p.m. on Thursday, cotton futures were up 3.59 percent, a 0.07 cent increase to $2.0193 per pound.
Pakistan and Australia have seen flooding while Russia and European regions are enduring drought conditions.
"The recent momentum has been undeniably bullish," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, told Bloomberg. "Considering that we have hit this $2 mark, which is where many people are suggesting the near-term target in the market was, where do we go from here? It’s really an uncertain environment."
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