Cotton for December delivery surged 3 cents to 77.86 cents Wednesday. Jack Scoville of Price Futures Group said the gain came on speculative buying and rumors of short supplies.
But Scoville said many traders “remain bearish overall” about cotton prices since more supply should be coming on the market as the harvest proceeds. “Many analysts now think prices will need to go lower to create new demand,” Scoville wrote in a note to clients.
Metals prices rose broadly, and energy prices were mixed. Wheat, corn and soybean futures all rose about 1 percent.