European Central bank efforts to control the sovereign debt crisis tearing through the euro zone pushed up cotton futures on Friday, according to Reuters.
The European Central Bank's intention to purchase sovereign debt of beleaguered countries in the 17-nation bloc also drove the Standard & Poor's 500 index to its top level in at least 48 months while prompting increases of 2 percent on the Nasdaq. The soft fiber's gains on Friday marked the first bullish trading session in three days, which also was linked to a U.S. Labor Department jobs report indicating August saw the quickest job creation in five months, according to Reuters.
"We have the outside markets today to thank for that," cotton analyst Sharon Johnson with Knight Futures told Reuters.
At 2:16 p.m. on Friday, cotton futures climbed 0.26 percent, a 0.002 cent increase to 76.19 cents per pound.
The Hindu Business Line reports the past 14 days have seen the top cotton regions of India endure increasingly fierce monsoons, which has pulled down cotton futures. Slowed-down demand and more sales have pinched the soft commodity, which has dropped about 5 percent during the past week.
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