ICE Cotton Futures Closed Higher on Thursday, Supported by A Strong US Export Sales Report

ICE cotton futures closed higher on Thursday, supported by a strong US export sales report. Robust export demand sent a positive signal to traders. A weaker US dollar and rising crude oil prices also lent support to US cotton. A weaker dollar makes cotton purchases more attractive for overseas buyers, while higher crude oil prices increase the production cost of polyester fibre, a substitute for cotton.