DJ MARKET TALK: Cotton Rebounds After Dipping Below Dollar Level

Sep 30, 2010 (Dow Jones Commodities News via Comtex) -- 1447 EDT [Dow Jones] - Cotton futures fell below the $1 a pound level for the first time this week but rebounded on late buying to finish slightly higher Thursday. Prices have soared in recent weeks, sparked by fears of a global supply shortage. But India on Tuesday said it would not ban exports of its better-than-normal crop, easing worries and pulling the market off 15-year highs. Though prices remain high, analysts said the market has likely topped out and will take on a more bearish trend as India and the U.S. export their strong harvests. ICE December futures--the most actively traded contract--settled 6.8 cents, or 0.7%, higher at $1.0192 a pound.