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Cotton slightly firmer

NEW YORK: NYCE cotton futures were slightly firmer on speculative buying at midday, but prices remained stuck in a two month-long trading range between 82.00 cents and 87.00 cents a lb, market sources said.

They added that trade selling was keeping prices from climbing higher.

"Producers are real frustrated," said Sharon Johnson, an analyst with Frank Schneider and Co Inc. "They missed the tops, it's late in the year and they are willing to sell at lower levels."

She said speculators could bail out of long positions ahead of the three-day weekend if they are not satisfied with the market's close by Thursday.

At 1135 EST, the most-active May contract was trading 0.59 cent higher at 85.45 cents a lb, having ranged from 85.48 and 84.75 cents a lb. July was up 0.59 cent at 86.45 cents a lb. The deferred contracts were trading 0.30 higher to 0.10 lower.-Reuter