NEW YORK, Sept 22: Cotton futures finished on Friday at a two-month top on speculative fund buying and analysts said the market’s momentum will allow it to punch higher next week.

ICE Futures open-outcry December cotton contract soared 1.21 cents to end at 66.08 cents per lb, dealing from 64.95 to 66.10 cents. It was the highest close for the contract since trading around 67 cents in mid-July.

March cotton jumped 1.30 cents to 69.04 cents. The rest increased from 0.87 to 1.56 cents.

The ICE electronic cotton market showed the December contract 1.31 cents up at 66.18 cents at 3:03 p.m. EDT (1903 GMT), moving from 64.30 to 66.25 cents.

Frank Weathersby, an analyst for brokers Affinity Trading in Fort Walton Beach, Florida, said cotton contracts are looking to test 68 cents (basis December) in the coming sessions.

He said funds are adding to sizable long positions in cotton mainly on the belief that a sustained bull market will grab hold of cotton because demand is seen remaining strong while plantings in key grower the United States are seen falling next year due to strong rallies in corn and wheat among others.

Traders said rallies in other commodity markets like gold and copper have also bolstered sentiment in cotton.—Reuters