Cotton Futures Once Again Touched The Limit And Reached A Record High.

　　 ICE cotton futures once again touched the limit of trading on Tuesday and reached a record high. Analysts said the rally was driven by speculative buying and tight supply.

The March cotton contract rose 5 cents to a record high of $1.5912 a pound, the highest level since the American Civil War.

Since November 23rd, trading in the vicinity of $1.10, cotton has risen nearly 45%, tight supply and strong factory demand to promote the rise in cotton prices.

Cotton, the best performing commodity index for R/J-CRB, has risen nearly 90% so far this year.

Preliminary data show that cotton is in season. volume Below the average level, about 21500 hands were reported, compared with the 30 day average value of 31500, hand about 1/3.

Mike Stevens, an independent cotton analyst, said, "there has been more panic buying in the market."

"Demand is still there," Stevens added. market Cotton prices are expected to rise, as most of the cotton in the United States is sold in the world's largest cotton exporter.

Traders said that the rise in China's cotton prices may also be boosted. American market Performance.

The Zhengzhou commodity exchange's cotton contract rose 555 yuan in May, ending at 28905 yuan per ton.

Intercontinental Exchange (ICE) said cotton futures touched the limit for second consecutive days.

Traders said that the volume of cotton market volume will remain moderate during the upcoming Christmas and New Year holidays. The market will be closed on Christmas day on Friday and will be reopened next Monday.