ICE cotton futures market slips

ICE cotton futures market slipped. Contract of Jul closed at 77.75cent/lb, down 1.19cent/lb and contract of Dec closed at 78.01cent/lb, down 1.18cent/lb. By the week ending May 2, U.S. cotton export sales increased by 160% from previous week and 102% from prior 4-week average. Though US dollar index weakened and weekly export sales were strong, a cautious attitude was adopted before the release of USDA May supply and demand report.

Cotlook A Index rose by 2.5cent/lb to 87.90cent/lb.