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Cotton futures

sharply higher

NEW YORK: New York cotton futures ended sharply higher in the front months on fund buying, having reached the 3.00-cent limit for the fourth consecutive day towards the end of the session, traders said.

"It's the same thing as we've been seeing. The spec/hedge report showed speculator funds were still net short a pretty hefty amount," said Judith Ganes, an analyst with Merrill Lynch.

Most active December ended at 83.05 cents a lb, up 2.50 cents.

Spot October settled at 85.35, up 2.60 cents, while next year's March contract closed at 83.78, up 2.23 cents. The back months settled 1.22 lower to 2.20 higher.

One trader said trade selling remained heavy throughout the day, adding "at the opening there was big fund buying."

Prices eased towards the end of the session on profit-taking by locals, the trader said.-Reuter