ICE cotton futures kept down. Jul contract closed at 63.13cent/lb, down 0.81cent/lb and Dec contract closed at 62.97cen t/lb, down 0.66cent/lb. ICAC forecast that 2015/16 cotton consumption is expected to decline by 3% and will maintain low level in 2016/17 as other competing fibers’ prices are low compared to cotton prices and the global economy growth is slow. Moreover, in 2016/17 season, global ending stocks may reach 19.66 million tons, higher than May’s estimation of 19.59 million tons.
Cotlook A index decreased by 0.20cent/lb to 72.75cent/lb.