(Bloomberg) -- Cotton futures are poised for a 10th straight weekly gain, the commodity's best run since 1998.
Prices have been buoyed by robust demand for the fiber. Futures on Thursday were little changed after reaching the highest since May. Hedge funds are signaling more gains are in store, with investors holding the most net-wagers on a rally in seven months, according to U.S. government data.
“U.S. exports have been doing better than expected, the U.S. economy is strong, and there's optimism among people, so we are probably selling more cotton products,” Sid Love, president of Sid Love Consulting Services in Overland Park, Kan., said in a telephone interview.
To contact the reporter on this story: Marvin G. Perez in New York at mperez71@bloomberg.net.
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Millie Munshi, Patrick McKiernan
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