U.S. spot cotton prices increased just two cents slightly in February after an almost seven-cent rise in January.
The 7-market average U.S. spot price for upland cotton increased to just under $.80. Prices remain a mere 2% below year-ago levels.
A pickup in demand from China has caused prices to rise in the past few months, as has a shortage of rainfall during the 2012 growing season, which has kept stocks pretty tight while buoying prices of other commodities. Top commodities traders expect prices to continue to rise slightly in early 2013.