Global shortage sends cotton to record level

The price of cotton on Friday surpassed its record high on Friday, surging above $1.90 a pound amid a global shortage of the fibre. Cotton prices have spiked 150 per cent since the start of 2010 as demand for textiles rebounded from the global financial crisis and India, the world's second-largest exporter, restricted shipments to help its domestic textiles industry. On Friday, the benchmark

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