*ICE COTTON SUMMARY*
*Cotton futures hit contract-high*
*ICE cotton futures gained for a fifth straight session on Monday, climbing as much as 4% to a contract-high as funds stepped up purchases and demand from China, the biggest natural fiber consumer, remained steady.*
*Earlier, the December contract jumped 4% to hit a contract-high of 99.86 cents per lb.*
*"You've probably got a good bit of fund buying, the volume is pretty heavy today," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton, adding buying from China was also a factor.*
*"These merchants have a lot of positions open with mills, so they are buying against those using December futures... the market is telling us that you need cotton right now."*
*On Thursday, the US Department of Agriculture's weekly export sales report showed net sales of 345,400 running bales for 2021/2022, were up 21% from the previous week, with increased buying primarily from China.*
*Nunn added cotton farmers were very happy with prices at these levels and that some grain farmers would "wish that they'd planted a little bit more cotton."*
*The December contract climbed for a fifth session in a row, its longest gaining streak since early August. Prices have risen around 5.7% so far this month, having gained in the previous three months as well.*
*Total futures market volume fell by 2,538 to 59,983 lots. Data showed total open interest rose 8,283 to 271,571 contracts in the previous session.*
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