Futures contracts of cotton on ICE extended losses as the market expects that the damage to the US crop due to Hurricane Irma wasn’t as much as expected. Downgrade of Irma from a hurricane to a tropical storm resulted in profit booking by investors, as actual damage to the was seen lower than expected. Last week, prices had touched a three-month high of 75.75 cents a pound due to concern about crop damage due to the hurricane. The fact that US Department of Agriculture rated 63% of the crop in good to excellent condition as of Sep 10, compared to 43% a year ago, also weighed on prices.