Feb 9 (Reuters) -Cotton jumped to an almost 15-month high on Friday on technical buying, supported by higher oil prices and the equity market.
* Cotton contracts for March CTc1 rose 2.08 cents to 91.18 cents per lb by 11:03 a.m. ET (1603 GMT), after hitting their highest since Nov. 16, 2022.
* The contract was en route for its best week since Aug. 11.
* "I think there is buying ahead of the holiday for the Lunar New Year, and a lot of it is technically inspired... we're higher now than all of last year," said Keith Brown, principal at cotton broker Keith Brown and Co. in Georgia.
* "They buy because they're scared they don't miss out on a run, so that's what this is."
* U.S. stock index futures edged higher a day after the benchmark S&P 500 breached the 5,000 mark for the first time, while investors looked ahead to inflation data for hints on the timing of Federal Reserve's first interest-rate cut. The S&P 500 .SPX and the blue-chip Dow .DJI both hit all-time highs. .N
* Support reined into the natural fibre as oil prices were also on track for a fifth day of gains amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas. O/R
* Higher oil prices make polyester, a cotton substitute, more expensive.
* The U.S. dollar was down about 0.1%, making cotton a little less expensive for buyers holding other currencies. USD/
* According to the World Agricultural Supply and Demand Estimates (WASDE) report on Thursday, world trade was nearly 200,000 bales lower, while global production was 355,000 bales lower for the month.
* Elsewhere in the grains market, Chicago soybean and corn futures edged lower as expectations of plentiful world supplies hung over the market despite downward revisions to Brazilian harvest forecasts. GRA/
Reporting by Rahul Paswan in Bengaluru: Editing by Tasim Zahid