NEW YORK, Feb 24: US cotton futures retained their bullish edge Friday, rising almost 1 per cent, as strong weekly export sales underpinned the market.

The New York Board of Trade's May cotton contract settled up 0.8 per cent, or 0.43 cent, at 53.60 cents a lb, after trading as high as 53.78 from a low of 53.20. The March contract ,which has gone into notice for delivery, rose 0.7 per cent, or 0.38 cent, to 55.33 cents.

The rest ranged from 0.20 to 0.48 cent higher.

Net upland sales of US cotton for the latest reporting week stood at 378,900 running bales, 27 per cent above the week earlier and 60 per cent higher than the prior 4-week average, the US Department of Agriculture said Friday.

There was good fund buying because of those numbers, said a dealer.

Except for a brief spurt of profit-taking this week, New York cotton futures have rallied uninterrupted since Feb. 14, helped by climbing export numbers and a run-up in other commodity prices.

Traders said the May contract could attempt the 54 cent resistance level in the coming week. If that happens, then we may definitely see some serious profit-taking again, said a trader.

Open interest in the May contract grew by 1,096 to 115,655 contracts as of Feb. 22.

Open interest in the cotton market increased by 2,172 to 199,375 lots.

The Intercontinental Exchange's NYBOT electronic market forcotton showed May up 0.58 cent at 53.75 cents a lb. trading in a range from 53.07 to 53.79 cents.---Reuters