If you are planning to go some jeans shopping any time soon, you might want to put some extra bucks in your wallet as the price of cotton is elevated past $1 a pound for the first time in nearly a decade due to adverse weather and shipping snags affecting the supplies, conveyance costs for clothing around the world, reported Bloomberg.

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This is after cotton crops were impacted in several key cotton-growing countries like the US, China, India and Mexico. Heavy rains in the US destroyed crops and drenched fields while bollworm-infested crops affected the crop in India.

Mexico and China are buying record amounts. Another factor troubling supplies in China are high freight rates and geopolitics, with international backlash about labour violations in Xinjiang, China’s biggest producing region. The US banned imports earlier this year

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All the factors are contributing towards the rise in prices for the fabric, which means the cost of making clothing will also be on the rise. This inflation will result in smaller profit margins for big-time apparel makers and will result in rising in prices from T-shirts to jeans if retailers try to pass on the expense to consumers.

 In New York, the contract for December delivery climbed as much as 3.6% to $1.0155 a pound, the highest since November 2011. This year the price has surged 28% as gains are being intensified by traders rushing to cover the short position, reported Bloomberg.

As the fabric is seeing deficits for the second year in a row this time, the traders and retailers are focusing on new figures the shortfall that is due this week from researcher Cotlook.

While the spike to $1 is psychologically significant, the rally likely won’t surpass the $2 level reached in 2011, said Louis Rose, a director of research for Rose Commodity Group in Tennessee in a Bloomberg report.

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“Ten years back, China was virtually out of cotton — not so this time,” said Rose, who previously worked for Cargill Inc.  

The fundamentals aren’t in place for a doubling in cotton prices, said John Robinson, an economist at Texas A&M’s AgriLife Extension in College Station. While supply chain disruptions are hurting cotton, U.S. production fears are overhyped, he said.