ICE cotton futures market sharply higher

ICE cotton futures market was sharply higher. Contract of Jul closed at 79.38cent/lb, up 3.00cent/lb and contract of Dec closed at 77.28cent/lb, up 2.00cent/lb. One market view was that U.S. cotton production might reduce affected by the wet weather, while another view was that bearish traders covered short positions. Market eyes are put on the U.S. cotton export sales report on Thursday.

Cotlook A Index remained unchanged at 85.60cent/lb.