Related Keywords: ICE cotton, US export sales
U.S. strong cotton export sales hit trader’s expectation and stoked worries over tight supplies in the world's top exporter, resulting in ICE cotton rise for the third consecutive day on Thursday. U.S. exporters sold 479,700 running bales of upland cotton in the week ended Jan. 23, down slightly from the previous week's report, which had shown the strongest sales since October.
The sales data were "very, very surprising" and "supportive" of the market, said Louis Rose, co-founder of Risk Analytics.
Many traders expected spot prices at near five-month highs would curtail demand.
