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Commodities

Cotton prices hit 11-year high on possible India export ban

Drought in U.S. threatens yields even as demand recovers

A slump in cotton production has spurred top exporter India to suspend import duties and consider an export ban.   © Reuters

TOKYO -- Cotton prices have soared to their highest levels since May 2011 as concerns grow over a possible export ban by top exporter India and a severe drought hitting U.S. yields.

A rally in cotton futures accelerated in New York from late April, with benchmark front-month contract prices climbing to 155.95 cents per pound at one point this month, up roughly 10% from a month earlier and roughly 30% from the end of 2021.

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