1455 EDT [Dow Jones] - Cotton futures dropped Tuesday as traders cut risk
following China's announcement it would try to slow its economic growth. The
central bank said it plans to increase interest rates to rein in domestic
demand and inflation, a move traders worried would cut into heavy cotton buying
by Chinese mills. Demand in China has largely driven the historic rise in
cotton prices, ICAP Futures says, and now some funds are cautiously liquidating
their positions. ICE November cotton settled 3.11 cents, or 2.7%, lower at
$1.1026 a pound.
DJ MARKET TALK: Cotton Falls As China Raises Interest Rates
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