960401

Cotton futures

mixed

NEW YORK: NYCE cotton futures closed mixed on mostly local trade in a lackluster session, floor sources said on Friday.

Speculators tried but failed to buoy the most-active July contract on the close, they added.

One trader noted a narrowing of the May/July spread to 1.44 cents a lb.

Sharon Johnson, an analyst with Frank Schneider and Co Inc, said rising certificated stocks will continue to pressure the July contract, and uncertainty surrounding planting and weather conditions will provide support to new crop December.

"Until we get further along, we won't go down a great deal (in December)," Johnson said.

Most-active July settled 0.01 cent weaker at 85.64 cents after trading from 86.80 to 85.20 cents. May closed up 0.85 at 84.20, while new-crop December went out 0.07 firmer at 82.57.

Volume was estimated at 7,000 lots versus Thursday's official tally of 10,348 lots.-Reuter