Amid concerns that global supplies may not satisfy rising demand – particularly in China – the price of cotton soared again this week, hitting an all-time high. At the close of a seven-day rally on Monday, cotton futures reached $2.197 per pound, which is more than double the cost of the commodity compared to this time last year. Prices finally stabilized mid-week following a report from the International Cotton Advisory Committee that global cotton output will rise 11% this year to a record 27.6 million metric tons. The increase in output is becoming more necessary, as China alone imported 390,720 metric tons of cotton in January, a 31% rise. China's Ministry of Commerce said the country will continue to actively expand its imports of cotton in 2011.