AVN 61.75 Decreased By ▼ -5.01 (-7.5%)
BOP 8.73 Decreased By ▼ -0.27 (-3%)
CHCC 126.50 Decreased By ▼ -3.97 (-3.04%)
DCL 8.91 Decreased By ▼ -0.36 (-3.88%)
DGKC 102.26 Decreased By ▼ -2.12 (-2.03%)
EFERT 66.55 Decreased By ▼ -0.45 (-0.67%)
EPCL 43.25 Decreased By ▼ -1.65 (-3.67%)
FCCL 20.45 Decreased By ▼ -0.77 (-3.63%)
FFL 13.59 Decreased By ▼ -1.02 (-6.98%)
HASCOL 13.47 Decreased By ▼ -0.80 (-5.61%)
HBL 128.50 Decreased By ▼ -2.50 (-1.91%)
HUBC 78.86 Decreased By ▼ -1.38 (-1.72%)
HUMNL 6.38 Decreased By ▼ -0.47 (-6.86%)
JSCL 21.83 Decreased By ▼ -1.97 (-8.28%)
KAPCO 27.49 Decreased By ▼ -0.42 (-1.5%)
KEL 3.60 Decreased By ▼ -0.08 (-2.17%)
LOTCHEM 11.78 Decreased By ▼ -0.38 (-3.13%)
MLCF 37.25 Decreased By ▼ -2.02 (-5.14%)
OGDC 92.36 Decreased By ▼ -2.01 (-2.13%)
PAEL 30.45 Decreased By ▼ -2.11 (-6.48%)
PIBTL 11.79 Decreased By ▼ -0.45 (-3.68%)
PIOC 84.85 Decreased By ▼ -2.75 (-3.14%)
POWER 9.15 Decreased By ▼ -0.55 (-5.67%)
PPL 82.54 Decreased By ▼ -2.47 (-2.91%)
PSO 186.49 Decreased By ▼ -6.55 (-3.39%)
SNGP 42.50 Decreased By ▼ -3.80 (-8.21%)
STPL 13.30 Decreased By ▼ -0.60 (-4.32%)
TRG 51.10 Decreased By ▼ -3.83 (-6.97%)
UNITY 23.30 Decreased By ▼ -0.91 (-3.76%)
WTL 0.99 Decreased By ▼ -0.04 (-3.88%)
BR100 4,112 Decreased By ▼ -52.44 (-1.26%)
BR30 20,622 Decreased By ▼ -320.58 (-1.53%)
KSE100 39,633 Decreased By ▼ -554.66 (-1.38%)
KSE30 16,693 Decreased By ▼ -209.85 (-1.24%)

NEW YORK: Cotton futures rose 2% on Monday as Moderna Inc became the second drugmaker to announce positive data for a Covid-19 vaccine, boosting investors' sentiment on expectations of a strong rebound in demand for the natural fiber. The cotton contract for March rose 1.47 cents, or 2.1%, to 71.87 cents per lb by 12:17 p.m. EST (1717 GMT).

"The dollar is down a little bit and this is one of those days when all the markets are up; there is a lot of optimism regarding the new vaccine and that next year is going to be good for commodity consumption," said Rogers Varner, president of Varner Brokerage in Cleveland.

Based on interim data from a late-stage trial, Moderna said its experimental vaccine is 94.5% effective in preventing Covid-19. A gauge of global stocks hit a record on increasing vaccine optimism, while the dollar eased against rivals.

The March contract rose to its highest since Oct. 28 at 72.05 cents last Monday after Pfizer Inc announced that its drug was over 90% effective. The virus-induced restrictions and lockdown measures upended demand and pushed cotton prices to a multi-year low in April.

"The market seems excited today about a Moderna Covid vaccine. ... However, the lack of a US economic stimulus package and election uncertainty remain pitfalls for the market," Louis Rose, director of research and analytics at Tennessee-based Rose Commodity Group, said in a note.

"Still, the Pfizer and Moderna vaccines look promising, but it will likely not be available worldwide over the near-term."

Two more US states imposed new curbs on gatherings as the country's total coronavirus cases crossed 11 million on Sunday, while global cases rose over 54 million according to a Reuters tally. Total futures market volume fell by 12,146 to 29,689 lots.