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NEW YORK: ICE cotton futures jumped more than 3% on Monday as excessive rains brought by Hurricane Hanna in Texas, the United States' biggest cotton-growing region, stoked fears of a damaged crop, while a weaker dollar provided further support.

Cotton contracts for December rose 1.31 cents, or 2.2%, to 61.41 cents per lb by 1:26 p.m. EDT (1726 GMT), having earlier hit a peak of 61.95, and were also set for their best day since July 1.

The contract on Friday had registered its worst day since April 1, on fears over an escalating row between the United States and China.

"The crop in Corpus Christi has been pretty good and rains caused by the landfall of this hurricane (Hanna) has sparked fears of losing it," John Bondurant, a trader in Memphis, Tennessee, said.

Hanna, the first hurricane of the 2020 Atlantic season, left a trail of destruction along the Texas coast on Sunday as torrential rains threatened the area.

"Any heavier showers and thunderstorms could result in an additional 1 to 2 inches of rain and isolated flash flooding" in West Texas area, the National Weather Service said in its flash flood watch.

Meanwhile, to counter the negative economic effects of a global pandemic, central banks around the world have announced a string of stimulus packages, elevating inflationary fears and in turn weighing on the dollar.

The US dollar at two-year lows "has made it a perfect time for cotton buyers to purchase at a lower rate," Bondurant said.

Investors now eye the United States Department of Agriculture's weekly crop progress report due later on Monday.

Total futures market volume fell by 11,342 to 19,546 lots. Data showed total open interest fell 2,222 to 175,702 contracts in the previous session.

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