Chinese demand for cotton could hit global prices
A farmer laborer works at a cotton factory in Korla city, Xinjiang Uygur Autonomous Region, China. Recently, Chinese demand for global cotton supplies has kept prices relatively high.
We all know about the incredible growth of the economy in China -- from skyscrapers that go up in two weeks to factory towns that are bigger than most U.S. cities.
But they are also snapping up raw materials to help support all that growth. And the latest commodity that the Chinese want has a certain touch... and feel.
According to the Wall Street Journal, cotton has become part of the fabric of life in China -- the country has bought over a million tons of the fluffy white stuff in the last seven months.
Here to talk with us in our Mid-day Extra is Sharon Johnson, senior cotton analyst with Penson Futures.