NEW YORK, Nov 6: NY cotton futures settled modestly higher on Monday due to mainly local buying as operators began adjusting their positions ahead of the release of the monthly USDA production report by the end of the week.

We’re trying to consolidate, said Keith Brown, president of commodity trading firm Keith Brown and Co. in Moultrie, Georgia.

Cotton prices have recently stumbled to near 30-year lows, hammered by a triple whammy of soft demand, bumper supplies and a recession induced by the Sept. 11, attacks on New York and outside Washington.

Benchmark December cotton went up 0.62 cent to end at 30.58 cents a lb, trading 30.05-30.65 cents.

March added 0.71 cent to settle at 32.33 cents.

Distant months gained between 0.71 and 0.85 cent.

Front December faltered when it sought to pierce last week’s high of 30.60 cents as it ran into grower pressure and sales by trade accounts.

The locals were buying early, hoping to get December above some buy stops at 30.60 cents or better, a floor dealer said.

Steady grower and trade selling kept the market from advancing further although December managed to stay close to 30.60 cents going into the close, brokers said.

Analysts said the sideways to firmer trading pattern was likewise dictated by the Cotlook A Index which was quoted unchanged at 34.95 cents. The A Index is used by the trade as an indicator of global cotton demand.

Technicians said support in the December cotton contract should be at 29.50 and 29 cents while resistance would be at 30.60 and 31 cents.

Estimated volume traded reached a meager 3,500 lots against the prior tally of 8,270 lots.—Reuters