Cotton futures recovered from a more than 6-1/2-year low on Thursday, helped by a weaker dollar and a strong weekly US export report. A government report, which showed a 7 percent rise in export sales of upland cotton in the week ended March 3, was "somewhat bullish," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
"The shipments have gotten better and the export news has been good in the last 2-3 weeks." The May contract on ICE Futures US settled up 0.24 cent, or 0.42 percent, at 56.83 cents per lb, after falling as low as 55.66 cents a lb, the lowest price for the front-month since 2009. The dollar index was down 1.04 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.19 percent. Sales of upland cotton totalled 185,100 running bales for the week ended March 3, according to data released on Thursday.
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