Cotton futures down as U.S. shares decline

Cotton futures on Friday declined after China cut imports as U.S. shares and agricultural products dropped.

China closed the week with a fall in imports to less than 40,000 bales compared to 41,000 bales last week.

Cotton prices gained 1.1 percent this week although the futures for March delivery were down 1.19 cents, or 1.7 percent, to 70.73 cents a pound on ICE futures.

Last year China's cotton imports dropped 33 percent and this week, China, Turkey and Pakistan; the leading U.S. customers, each bought less than 40,000 bales.

Cotton futures in 2007 made considerable gains when they increased 21 percent following U.S. farmers' decision to clear cotton fields to sow wheat, corn and soya beans.