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ICE cotton futures gained 1.5 percent on Thursday, boosted by technical buying and a weaker dollar, as prices of the natural fiber crop held close to a 3-1/2 year high. The most active ICE cotton contract for March expiry settled up 1.14 cents, or 1.46 percent, at 79.25 cents per lb. It traded within a range of 78.06 and 79.39 cents a lb.
Cotton futures marked a 3-1/2-year high of 79.45 cents a lb last week. "The market was influenced by technical buying and some buying on the general complex, and the fact that we had good (US) economic data," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity.
"The macroeconomic sector including the lower dollar this week has helped cotton." A robust economy is seen boosting purchases of textile products, thereby raising expectations of demand for cotton, according to analysts.
US private employers stepped up hiring in December and planned layoffs by American-based companies fell sharply, pointing to sustained labor market strength that likely keeps the Federal Reserve on course to increase interest rates in March. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent. It had slipped to its lowest since September 20 on Tuesday.
Meanwhile, the weekly export sales data from the US Department of Agriculture will be released on Friday, delayed by a day due to the New Year's Day holiday on Monday. Total futures market volume rose by 2,944 to 25,745 lots. Data showed total open interest fell 94 to 282,907 contracts in the previous session.
Certificated cotton stocks deliverable as of January 3 totaled 47,589 480-lb bales, down from 47,597 bales in the previous session.

Copyright Reuters, 2018

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