Cotton futures declined for the second straight day as imports dropped in China, the worldΆs biggest consumer.

ChinaΆs customs data showed today that cotton imports slid 17 percent to 119,997 metric tons in June from May. Prices have tumbled as much as 57 percent since reaching a record $2.197 a pound on March 7 on waning demand.

“The market is nervous about the demand situation,” Peter Egli, the Chicago-based director of risk management at Plexus Cotton Ltd., a U.K.-based merchant, said in a telephone interview.

Cotton for December delivery fell 2.12 cents, or 2.1 percent, to settle at 98.63 cents at 2:47 p.m. on ICE Futures U.S. in New York. The price headed for the seventh consecutive weekly drop. On July 18, the commodity touched 94.46 cents, the lowest for a most-active contract since Sept. 16.