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Buyers of US cotton cancelled more bales than they purchased in the latest reporting week for the first time since June 2012, US official data showed, validating concerns that high prices have curbed demand. Buyers from six countries cancelled at least 67,500 bales of upland cotton in the most recent reporting week, data from the US Agriculture Department (USDA) showed on Thursday, as New York futures hovered near two-year highs above 90 cents a lb.

ICE cotton eased in heavy trading on Thursday as investors booked profits ahead of the weekend, with the fibre notching its first weekly gain in three weeks. The most-active July cotton contract on ICE Futures US closed down 0.23 cent, or 0.2 percent, at 92.34 cents per lb. The second-month was up 2 percent on the week after a string of volatile sessions.
Burkina Faso set a minimum farmgate price for cotton growers of 225 CFA francs ($0.47) per kilo for the 2014/15 growing season, down from 235 francs the previous year, the Interprofessional Cotton Association of Burkina (AICB) said on Tuesday. The association set a production target of 800,000 tonnes of raw cotton for the 2014-2015 season, versus 710,000 tonnes produced the previous one.
Cotton futures rallied on Wednesday, recovering the previous day's losses, as dry weather across major growing regions of Texas renewed US supply worries. The most-active July cotton contract on ICE Futures US rose 1.28 cent, or 1.4 percent, to settle at 92.57 cents a lb, while the spot May contract closed up 1.12 cents, or 1.2 percent, at 91.04 cents a lb.
The fluctuations observed during the day:

Cotton futures dropped on Tuesday as traders liquidated long positions because of concerns that high prices will continue to hurt demand. The most-active July cotton contract on ICE Futures US closed down 0.99 cent, or 1.1 percent, at 91.29 cents a lb. The front-month May contract fell in stride, finishing the day down 0.99 cent, or 1.1 percent, a 89.92 cents a lb.
The fluctuations observed during the day:


 



 
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