ICE cotton hits two-week low on broad commodity selloff

Cotton futures fell to the lowest in over two weeks on Thursday, erasing modest early gains following weekly US government export sales data, on an downtrend in commodities and a stronger dollar.
Sales of upland cotton totaled 61,300 running bales for the week ended April 28, up 26 percent from the previous week.
The export sales numbers were neither bullish or nor bearish, said John Bondurant, a trader in Memphis, Tennessee, adding that cotton prices were down on the broad selloff in commodities. The July cotton contract on ICE Futures US settled down 0.99 cent, or 1.58 percent, at 61.79 cents per lb. It traded within a range of 61.63 and 63.55 cents a lb.
Total futures market volume rose by 4,515 to 25,783 lots. Data showed total open interest fell 2,695 to 190,729 contracts in the previous session.
The dollar index was up 0.63 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.53 percent.