ICE cotton futures market rebounds further

ICE cotton futures market rebounded further. Contract of Dec closed at 69.61cent/lb, up 1.40cent/lb and contract of Mar closed at 71.17cent/lb, up 1.33cent/lb. The market reacted to the damage caused by Hurricane Francine on to cotton crops in Delta. At the same time, the release of U.S. CPI data further confirmed the possibility of a soft landing for the U.S. economy, which somewhat boosted market confidence.

Cotlook A Index rose by 0.5cent/lb to 79.60cent/lb.