Cotton Drops on Falling Demand in China; Orange Juice Declines
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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. Orange juice slumped.
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.