December 29, 2001	Saturday	Shawwal 13, 1422

NEW YORK, Dec 28: NY cotton futures finished with fractional losses on Thursday in a featureless session, with operators expecting only minor booksquaring on the last trading day of the year on Saturday.

It’s drifting and there are just no features to it, said Frank Weathersby of brokers Affinity Trading in Destin, Florida.

Key March cotton slipped 0.17 cent to end at 36.33 cents a lb, near the middle of its 36.01-36.70 cents trading band. May shed 0.23 cent to finish at 37.74 cents. Back months lost 0.15-0.60 cent.

Early local buying gave the market a boost, but the small speculators turned tail and pressed the short side of cotton in a lackluster session, floor brokers said.

Analysts said the market struggled to shake off its Christmas holiday hangover and the situation will not be aided by the looming New Year holiday.

The cotton market will again be closed Dec. 31 to Jan. 1, 2002 and will only reopen for business on Wednesday, Jan. 2.

The shortened trading week will then give way to the annual Beltwide Cotton conference in Atlanta from Jan. 8-12 attended by most major players in the US cotton industry which could further dent interest in fiber futures.

On another matter, cotton brokers contacted by Reuters forecast US upland cotton sales to range from 150,000-200,000 (480-lb) bales, compared with the 201,600 bales reported in last week’s data.

USDA will release its report at 0830 EST (1330 GMT) on Saturday. The USDA report is normally released Thursday but has been delayed a day because of the Christmas holiday.

As for shipments, dealers said they will likely be 140,000-170,000 bales against last week’s 154,200 bales.

The brokers said the monthly consumption figure based on data from the US Census Bureau due out Saturday should also slip due to lingering problems in the American textile industry, plagued recently by a spate of bankruptcies.

They said US annualized mill consumption will probably reach from 7.3-7.7 million bales, compared with last month’s estimate of 7.74.

Technically, brokers said they believe support in the March cotton contract would be at 36 and 35.70 cents while resistance would be at 37 and 38 cents.

Estimated final volume reached a paltry 3,000 lots from the previous 2,297 lots.

WASHINGTON: The US Agriculture Department on Thursday set the prevailing world market price for upland cotton at 28.93 cents per lb, effective through Jan. 3. The price is adjusted to US quality and location for Strict Low Middling, 1-1/16 inch upland cotton.—Reuters