Who knows how much more upside is left in Cotton, maybe another 100% for 2011, ha but when this bubble goes its going to be one fucking huge collapse. By LESLIE JOSEPHS NEW YORKâCotton futures surged to a fresh high, just three cents from $2 a pound, a demonstration that the recently soaring prices haven't cooled demand. Cotton prices jumped by the InterContinental Exchange's daily permitted limit of seven cents and stayed there for most of the day, settling up 3.7% at $1.9702 a pound, as mills scrambled to buy the futures. Cotton prices have more than doubled over the past 12 months. Mills that purchased cotton "on call"âwithout fixing a priceâhave until Friday to lock in prices under exchange rules. The mills have waited until the last minute to place buy orders locking in prices, hoping the market would fall. The mills are "being pushed into the corner and forced to pay up," said independent cotton analyst Mike Stevens.