Cotton Gains on Speculation Recent Price Drops May Spur Demand
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Cotton jumped on speculation that recent price declines may encourage buyers such as China to seek supplies, draining stockpiles.
Cotton for March delivery advanced as much as 3.3 percent to $1.1546 a pound on ICE Futures U.S. in New York and traded at $1.154 at 2:40 p.m. Tokyo time. The most-active contract dropped 9.3 percent last week, the most since February 2009. Before today, prices had plunged 26 percent since reaching a record on Nov. 10.