The price of cotton has vaulted above the key $1 a pound level for the second time in history as worries about a shortage of the fibre prompted textile mills to scramble for supplies.

　　棉花价格有史以来第二次冲破1美元/磅大关。对供应紧缺的忧虑，正促使各纺织厂争抢这种纤维。

　　Cotton futures for delivery in December have risen by almost 30 per cent since the beginning of August to reach $1.0198 a pound on Monday, the highest since 1995.

　　12月交割的棉花期货自8月初以来累计上涨了近30%，周一触及每磅1.0198美元，为1995年以来的最高位。

　　“It’s the second time since the Civil War cotton prices have gone over a dollar,” said Jordan Lea, president of the American Cotton Shippers’ Association, referring to the 1861-1865 war between US states. “It’s a relentless bull market.”

　　“这是美国内战以来，棉花价格第二次涨到1美元以上。”美国棉花托运人协会(American Cotton Shippers’ Association)会长乔丹•利(Jordan Lea)表示，他指的是1861-1865年间的美国内战。“这是一轮涨势难挡的牛市。”

　　The rise in cotton prices has easily outpaced increases in more industrial commodities such as oil or copper. Tight supply conditions, exacerbated by losses in Pakistan, the world’s fourth-largest grower, after it suffered devastating flooding, have drawn hedge funds and other speculators to the New York cotton market.

　　棉花价格的涨势，已轻松超越原油、铜等工业大宗商品的涨势。全球第四大棉花种植国巴基斯坦发生重大洪涝灾害，棉花产量锐减，加剧了全球棉花供应的紧张局面。而棉花供应吃紧，吸引对冲基金等投机者涌入纽约棉花市场。

　　The moves come as this year’s crop in China, the largest producer and importer, has been threatened by rain, said Gary Raines of brokers FC Stone. In India, the second-largest grower, the government has left traders guessing about the future of an export ban imposed this year.

　　与此同时，经纪公司FCStone的加里•雷恩斯(Gary Raines)指出，全球最大的棉花生产国和进口国中国今年的棉花收成受到了雨水威胁。而在第二大棉花种植国印度，政府今年颁布实行的出口禁令，让交易商们猜测未来政策走向。

　　The US Department of Agriculture projects the world ratio of inventories to consumption at the lowest in 15 years.

　　美国农业部预计，全球棉花库存与消耗量的比率将降至15年来最低水平。

　　The US, the largest exporter, last week reported a surge in shipments to China, Mexico, Colombia and other mill centres. “Panic is such a dirty word, but perhaps it is at the root of the most recent 3 cents of gain,” Ron Lawson of Logic Advisors, a commodities researcher, told clients.

　　棉花出口量居全球之首的美国上周公布，美国对中国、墨西哥、哥伦比亚等纺织业大国的棉花出口出现大幅增长。大宗商品研究机构Logic Advisors的罗恩•劳森(Ron Lawson)告诉客户：“恐慌这个字眼让人不快，但它可能是近日棉花价格上涨3%的根源。”

　　Textile mills could begin to weave more polyester into fabrics. On China’s Zhengzhou Commodity Exchange, cotton has gained 16 per cent this year, while the price of a polyester proxy has fallen more than 7 per cent.

　　纺织厂可能会开始在面料中采用更多聚酯纤维。在中国郑州商品交易所，今年以来棉花价格上涨了16%，而聚酯原料PTA的价格则下跌了7%以上。