ANL 27.40 Decreased By ▼ -0.10 (-0.36%)
ASC 17.05 Increased By ▲ 0.04 (0.24%)
ASL 23.90 No Change ▼ 0.00 (0%)
AVN 93.55 Decreased By ▼ -0.14 (-0.15%)
BOP 9.51 No Change ▼ 0.00 (0%)
BYCO 9.74 Decreased By ▼ -0.01 (-0.1%)
DGKC 110.25 No Change ▼ 0.00 (0%)
EPCL 47.75 Decreased By ▼ -0.04 (-0.08%)
FCCL 21.25 Decreased By ▼ -0.02 (-0.09%)
FFBL 27.45 Increased By ▲ 0.04 (0.15%)
FFL 18.71 Decreased By ▼ -0.09 (-0.48%)
HASCOL 14.50 Decreased By ▼ -0.06 (-0.41%)
HUBC 86.83 Increased By ▲ 0.16 (0.18%)
HUMNL 7.31 Decreased By ▼ -0.02 (-0.27%)
JSCL 30.80 Decreased By ▼ -0.14 (-0.45%)
KAPCO 40.70 Decreased By ▼ -0.35 (-0.85%)
KEL 4.09 Decreased By ▼ -0.01 (-0.24%)
LOTCHEM 16.31 Increased By ▲ 0.06 (0.37%)
MLCF 42.96 Decreased By ▼ -0.06 (-0.14%)
PAEL 39.82 Decreased By ▼ -0.08 (-0.2%)
PIBTL 12.64 Increased By ▲ 0.03 (0.24%)
POWER 11.40 Increased By ▲ 0.01 (0.09%)
PPL 93.80 Decreased By ▼ -0.20 (-0.21%)
PRL 23.96 Decreased By ▼ -0.03 (-0.13%)
PTC 9.48 Decreased By ▼ -0.02 (-0.21%)
SILK 1.25 Decreased By ▼ -0.01 (-0.79%)
SNGP 45.05 Increased By ▲ 0.05 (0.11%)
TRG 106.43 Decreased By ▼ -0.02 (-0.02%)
UNITY 33.95 Decreased By ▼ -0.23 (-0.67%)
WTL 1.13 No Change ▼ 0.00 (0%)
BR100 4,833 Decreased By ▼ -22.35 (-0.46%)
BR30 24,693 Decreased By ▼ -86.65 (-0.35%)
KSE100 45,677 Decreased By ▼ -226.29 (-0.49%)
KSE30 19,026 Decreased By ▼ -127.11 (-0.66%)

NEW YORK: Cotton jumped more than 1% to a one-and-a-half-year high on Monday, supported by hopes for a potential Covid-19 vaccine and a rally in the grains market, while strong US data added to the upbeat mood. The cotton contract for March was up 0.91 cent, or 1.3%, at 73.87 cents per lb by 12:39 p.m. EST (1739 GMT), having earlier reached its highest level since May. 7, 2019, at 74.27 cents.

"AstraZeneca came out with its Covid-19 vaccine which looks promising, which is good for cotton and stock market," said Keith Brown, principal at cotton brokers Keith Brown and Co in the US state of Georgia. Drugmaker AstraZeneca said its Covid-19 vaccine could be around 90% effective and will have as many as 200 million doses by the end of 2020.

"Cotton is also higher because of the grains. Corn, beans and wheat has reinstated their bullish move based on drying weather in South America," Brown added. Chicago soybean futures rose to their highest level in 4-1/2 years on Monday, touching $12 a bushel as dry weather in key suppliers Brazil and Argentina stoked supply concerns.

US cotton market faces stiff competition from other cotton growers like Brazil, which sell their produce at a cheaper rate. Adding to the upbeat mood, data on Monday showed US business activity in November expanded at its fastest rate in more than five years, pointing to a recovery from the pandemic's economic damage.

Total futures market volume fell by 5,024 to 21,606 lots. Certificated cotton stocks deliverable as of Nov. 20 totaled 121,046 480-lb bales, up from 118,394 in the previous session.