Nov. 15 (Bloomberg) -- Cotton futures fell for the fourth straight session on concern that increased borrowing costs and record prices may erode demand in China, the world’s biggest consumer.

China’s central bank may boost interest rates within weeks in a bid to cool inflation, according to a Bloomberg News survey. Last week, the Thomson Reuters/Jefferies CRB Index of 19 raw materials fell 3.2 percent, the most since early July, on bets that growth will cool in the Asian country. Before today, cotton tumbled 12 percent since touching a record on Nov. 10.

“At these kinds of price levels, you can have bubbles under the market where you actually don’t have any buyers,” said Sid Love, the president of Joe Kropf and Sid Love Consulting Services LLC in Overland Park, Kansas. “People are getting out.”

Cotton futures for March delivery declined 2.99 cents, or 2.2 percent, to $1.3119 a pound at 10:17 a.m. on ICE Futures U.S. in New York. The commodity lost 5.7 percent last week, the most since the week ended June 4.

The fiber climbed to $1.5195 on Nov. 10, the highest price since trading began 140 years ago. Futures surged on concern that shrinking global supplies wouldn’t meet demand from Chinese textile mills. Adverse weather damaged crops in China, Pakistan and the U.S. earlier this year.

‘Significant Top’

The record “high is looking increasingly as a significant top, if not the top of this entire move,” Sharon Johnson, a senior analyst at First Capitol Group LLC in Atlanta, said in a note on Nov. 12.

U.S. export sales of upland cotton totaled 432,236 bales for the week ended Nov. 4, down 19 percent from the previous six-week average, the Department of Agriculture said on Nov. 12.

Stockpiles held in warehouses monitored by ICE rose 97 percent last week to 37,086 bales. As of Nov. 7, 71 percent of the U.S. crop was harvested, according to the USDA.