NEW YORK: ICE cotton futures rose more than 2% to scale a near six-month peak on Monday, on concerns of crop damage in major growing areas in the United States as Tropical Storms Laura and Marco take aim at the region. Cotton contracts for December rose 1.64 cent, or 2.5%, to 65.92 cents per lb by 1:58 p.m. EDT (1758 GMT). Prices earlier touched their highest since Feb. 26 at 66.02 cents.
Cotton prices have tumbled about 6.3% so far this year, hurt by a decline in demand for cotton and apparel amid the virus outbreak. Speculators raised their net long position in cotton by 558 contracts to 31,137 in week to Aug. 18, data from the US Commodity Futures Trading Commission showed on Friday. Total futures market volume rose by 11,978 to 28,209 lots.
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