15:14 EDT - ICE cotton soared on news that China, the world's largest cotton importer, saw a 7.6% GDP increase in Q2. Cotton for Dec delivery jumped 3.9% to settle at 72.66c./lb, its highest settlement price since June 20. "It's not as if anything really fundamental has changed on cotton's balance sheet. This is just really kind of a macroeconomic phenomenon," says Chris Kramedjian, risk management consultant at INTL FCStone. Cotton should be priced around 66c./lb, he says.