Higher-than-expected U.S. export sales and strong shipments have helped to power cotton futures to a two-year high amid perceptions of a need for prices to ration tight old-crop supplies.
Benchmark May surged 380 points for the week ended Thursday to close at 91.61 cents, the highest finish for May cotton since February 2012 and highest continuation settlement since August.
July jumped 344 points to 90.71 cents and December gained 171 points to 79.55 cents, highest close for the new-crop contract since Jan. 22.
The market triggered buy stops as it ripped through chart resistance. Talk circulated that China may be ...