By admin       2017-10-24

Cotton futures soared the most since the hurricane rally on fresh US weather fears, at a time of upbeat hopes for the country's exports of the fibre.Cotton futures for December stood up 4.1% at 69.59 cents a pound in late deals in New York, the highest since the limit-up performance prompted early last month by fears over Hurricane Irma. The gains, which took futures above their 100-day moving average for the first time since the Irma rally, were attributed in part to rains over the weekend which threatened further damage to crop production and quality. "More rain will risk greying up the fibre," so lowering its desirability, said Keith Brown at Georgia-based Keith Brown, adding that the squeeze on high-grade supplies was already seeing top-quality cotton earn a premium of some 4 cents a pound over futures. Commodity Weather Group said that up to 3.5 inches of rain fell in the south east US Plains on Saturday.

Download App

# #

Member Login