Nov 16 (Reuters) - Cotton futures rose 2% on Monday as Moderna Inc became the second drugmaker to announce positive data for a COVID-19 vaccine, boosting investors' sentiment on expectations of a strong rebound in demand for the natural fiber.

* The cotton contract for March rose 1.47 cents, or 2.1%, to 71.87 cents per lb by 12:17 p.m. EST (1717 GMT).

* "The dollar is down a little bit and this is one of those days when all the markets are up; there is a lot of optimism regarding the new vaccine and that next year is going to be good for commodity consumption," said Rogers Varner, president of Varner Brokerage in Cleveland.

* Based on interim data from a late-stage trial, Moderna said its experimental vaccine is 94.5% effective in preventing COVID-19.

* A gauge of global stocks hit a record on increasing vaccine optimism, while the dollar eased against rivals.

* The March contract rose to its highest since Oct. 28 at 72.05 cents last Monday after Pfizer Inc announced that its drug was over 90% effective.

* The virus-induced restrictions and lockdown measures upended demand and pushed cotton prices to a multi-year low in April.

* "The market seems excited today about a Moderna COVID vaccine. ... However, the lack of a U.S. economic stimulus package and election uncertainty remain pitfalls for the market," Louis Rose, director of research and analytics at Tennessee-based Rose Commodity Group, said in a note.

* "Still, the Pfizer and Moderna vaccines look promising, but it will likely not be available worldwide over the near-term."

* Two more U.S. states imposed new curbs on gatherings as the country's total coronavirus cases crossed 11 million on Sunday, while global cases rose over 54 million according to a Reuters tally.

* Total futures market volume fell by 12,146 to 29,689 lots. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Richard Chang)