REUTERS: Cotton jumps over 3% as banking calm lifts risk assets
REUTERS: Cotton jumps over 3% as banking calm lifts risk assets

REUTERS: Cotton jumps over 3% as banking calm lifts risk assets

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March 27 (Reuters) -ICE cotton futures climbed over 3% on Monday, bouncing back from near five-month lows hit in the previous session, with risk-assets getting a boost from easing worries about the banking sector, while a dip in dollar also helped the natural fiber.

* Cotton contract for May CTK3 rose 3 cents, or about 3.9%, to 79.53 cents per lb by 1230 p.m. ET (1630 GMT).

* "The stock market's higher and that's encouraged some buying in the energy, grains and of course cotton," said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia.

* "For the moment, the banking crisis is sort of not averted, but it's sort of calm a little bit."

* Investor concerns about the financial system were calmed after First Citizens BancShares FCNCA.O said it would take on the deposits and loans of failed Silicon Valley Bank, sending equities, U.S. Treasury yields and commodities higher. MKTS/GLOB

* Soybeans edged higher, supported by stronger crude and vegetable oils prices while Chicago corn futures retreated from a more than three-week high, though strong Chinese demand lent some support while wheat pared gains as uncertainty over Black Sea exports continues. GRA/

* The dollar index .DXY slipped 0.2%, making cotton less expensive for overseas buyers. USD/

* Traders are now awaiting the U.S. Department of Agriculture's crop plantations report due on March 31.

* Meanwhile, data from the Commodity Futures Trading Commission (CFTC) on Friday showed speculators increased their net short position on cotton futures by 8,733 contracts to 30,897 in the week to March 21.

Reporting by Rahul Paswan in Bengaluru;

Πηγή: Reuters



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