Cotton hits near six-month high on commodities rally

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Cotton futures surged in high-volume trade on Monday to their highest in nearly six months, supported by a commodities uptrend driven by a weaker dollar. The natural fibre rallied 2.6 percent, the biggest percentage gain in seven weeks. Prices neared the old resistance level of 66 cents and might try to stay up, said Ron Lee, general manager at McCleskey Cotton in Bronwood, Georgia. The most-active December cotton contract on ICE Futures US settled up 1.63 cent, or 2.55 percent, at 65.54 cents per lb. It traded within a range of 63.81 to 65.75 cents a lb.

Total futures market volume rose by 17,802 to 53,111 lots. Data showed total open interest gained 2,221 to 201,714 contracts in the previous session. The dollar index was down 0.08 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, rose 1.38 percent.

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