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Cotton futures lower

NEW YORK: New York cotton futures were weaker at midday on light commission house and local selling in quiet, rangebound trade, market sources said.

Traders attributed today's mild weakness to disappointment at a lack of follow-through buying to a rally earlier in the week on short covering after the release August 10 of a neutral USDA crop production report.

"The market failed on its short covering excursion," one trader said. "People bought looking for some follow through on the rally, then sold it when it didn't happen."

At 1202 EDT, most-active December was 0.36 cent weaker at 74.40 cents a lb. It traded between 74.80 and 74.12. Spot October was off 0.46 cent at 76.45. The back months were 0.60 lower to 0.30 firmer.-Reuter