New York cotton futures continued its downslide, with December falling another 316 points to close at 61.89 cents per pound. Pessimistic technical and fundamental developments took December fall to a new record low of 60.83 cents on Thursday. As per CFTC spec/hedge report, the latest selloff increased their net short by an impressive 12,100 contracts. In addition, China’s declaration of not to import over 894,000 tons has also affected the market; lower imports would lead to further increase in the ROW balance sheet. The USDA report states that China will import 8 million bales this season. So far, China has imported 0.94 million cotton bales in August.
