ICE cotton futures inched higher on Thursday, after settling lower for three straight sessions, ahead of the US Department of Agriculture's (USDA) prospective plantings report on Friday. "The market is waiting for the acreage report tomorrow that's probably the reason why it's been a little quiet," said Gabriel Crivorot, analyst at Societe Generale in New York.
The May cotton contract on ICE Futures US revisited a session low of 76.10 cents, after marking a one-month low at the same level on Wednesday.
Weekly export sales data from the US government showed net upland sales totalled 392,300 running bales for the previous week, up 20 percent from the week before.
"The market is setting up to be quite bullish in the next couple of weeks," said Louis Barbera, a broker at ICAP Cotton.
The May cotton contract on ICE Futures US settled up 0.09 cent, or 0.1 percent, at 76.23 cents per lb. It traded within a range of 76.10 and 76.54 cents a lb. Total futures market volume fell by 4,360 to 24,554 lots. Data showed total open interest fell 2,116 to 279,537 contracts in the previous session.
The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.2 percent.
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