Cotton touches highest in over three months

Cotton futures rose on Tuesday for a second session to the highest level in over three months on buying from speculators and index funds, amid a weak dollar and overall uptrend in commodities. Speculators and index funds are buying across the commodities board with cotton being one of them, said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
The July cotton contract on ICE Futures settled up 0.84 cent, or 1.35 percent, at 63.07 cents per lb, after trading as high as 63.22 cents, its highest since Jan. 6. Total futures market volume fell by 28,106 to 41,915 lots. Data showed total open interest fell 1,383 to 193,791 contracts in the previous session. The dollar index was down 0.55 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 2.19 percent.