0300 GMT [Dow Jones] U.S. cotton futures came under pressure after China confirmed that it would extend its state reserve auctions through to the end of September, says Commonwealth Bank of Australia in a note. It adds that losses in later dated contracts were far more modest though, suggesting that the market remains resilient. However, the 3-month cotton contract has fallen sharply in early trading on the Zhengzhou Commodity Exchange after reversing the gains made late Monday. The contract is currently trading down CNY390 at CNY14,655/ton. (lucy.craymer[a]wsj.com;Twitter: [a]lucy_craymer)
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