By admin       2016-10-05

Cotton futures rose over one percent on Tuesday, marking their biggest intra-day percentage gain in two weeks, on concerns that Hurricane Matthew may pose a threat to crops of the natural fibre in parts of the south-eastern United States. "Its the uncertainty of where Matthew is moving that has the market up," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia.Direct hurricane impacts are possible in Florida this week, with areas of Georgia, South Carolina, and North Carolina also seen as vulnerable even if Matthew's center remains offshore, the US National Hurricane Center (NHC) said on Tuesday. Matthew was located about 65 miles (105 km) east-south-east of Guantanamo, Cuba with maximum sustained winds of 145 miles per hour (230 km/h), according to the latest NHC advisory.The December cotton contract on ICE Futures US registered its biggest intra-day percentage change since September 20, settling up 1.68 percent or 1.15 cent, at 69.67 cents per lb. It traded within a range of 68.48 and 69.75 cents a lb., a peak since September 28. The US Department of Agriculture's weekly crop progress report released on Monday after market close showed that 49 percent of cotton crops in the United States were in good-to-excellent condition, up marginally from 48 percent a week ago.

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