(ZEROHEDGE) – Cotton futures in New York are squeezing higher Tuesday morning, racing past $1 per pound for the first time in a decade as adverse weather conditions and robust demand tighten global supply.
In New York, the contract for December delivery climbed as high as $1.01 per pound, the highest since November 2011. In the last six sessions, prices have surged more than 14% on news of heavy rains damaged crops in Texas and Mississippi, the top growing regions in the U.S., according to Maxar Technologies Inc.'s senior meteorologist Donald Keeney who spoke with Bloomberg.
Higher fiber prices could soon mean more expensive T-shirts to jeans and other apparel, which would be another headache for consumers already paying an arm and a leg for gas and food.
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