14:57 EDT - Cotton futures climbed 7.7% in August, the first month of the new 2012-13 marketing year, despite a massive global surplus. "There have been signs that world production is coming down and that ending stocks could start to work lower over time," says Price Futures' Jack Scoville. Analysts say concerns over the sub-par monsoon in India, China's stockpiling program and dry weather in top US growing region West Texas are pushing cotton prices up. ICE cotton for December delivery settled 0.4% higher at 77.26c/lb.