Cotton Tops $2 for the First Time
For the first time ever, the cost of cotton exceeded $2 a pound in New York this February. Significantly increased interest in cotton from China, combined with drought conditions in cotton-producing areas like Texas, saw the price jump from $1.70 per pound in January to as high as $2.26 in March. Although the price of cotton only remained above $2 for three months, the increased costs of goods has lasted far longer; many manufacturers locked in deals with cotton producers just as the prices increased, so even as the price per pound of cotton drops below $1, mills are still held to their contract prices and are passing those prices on to buyers.
- Companies:
- Gold Bond
- Points Of Light
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.