US March cotton rises to new record high

NEW YORK: U.S. benchmark March cotton futures soared the 7-cent daily limit to $1.9702 per lb on Wednesday morning, continuing a steep uptrend, as brokers said they think mills need to fix prices on cotton bought on call.

With the U.S. President's Day holiday coming on Monday, delivery notices for the March cotton contract will come due on Friday, and any mills who purchased cotton on call will need to fix prices by then, brokers said.