Cotton area drop

India was also seen as helping New York cotton futures for May soar by 2.3% to 83.08 cents a pound, back above their 20-day moving average, with the rise following an estimate by the Cotton Association of India that the country’s sowings of the fibre for 2018-19 could tumble by 12%.

“We are expecting lower sowing in Maharashtra and Telangana due to pink bollworm attacks," Atul Ganatra, association president, told Reuters.

“Many farmers in these states are likely to switch to other crops like soybeans.”

Such talk is particularly sensitive for the cotton market in coming at a time of one of the other themes, ie President Donald Trump’s drive to stem overall US imports from China in particular, and the potential for Beijing to restrict US crop exports in return.

With India the second-ranked cotton exporter (after the US), prospects of a downturn in the country’s output and shipments would appear to cut the likelihood of cotton being a target for Chinese retribution.