NEW YORK, Dec 1: NYCE cotton futures on Friday closed near a three-month peak on all-around buying in see-saw business as the market extended its surge after tumbling just last month at almost a 30-year low.

“It was a mixed bag of selling going into the close and outright trade selling,” said Sharon Johnson, cotton expert for Frank Schneider and Co. Inc. in Atlanta.

Cotton futures have been aided in part by brisk US cotton sales, with US exporters telling USDA that a total of 1,068,400 (480-lb) bales of new upland cotton were sold in the last three weeks alone. USDA, in its November production data, pegged US exports in 2001-02 at 9.4 million bales.

Spot December cotton increased 0.60 cent to finish at 37.30 cents a lb, ranging from 36.70-37.90 cents.

On a spot continuation basis, that was the highest close for the market since Sept 5 when the front contract settled at 37.10 cents.

Benchmark March gained 0.31 cent to settle at 39.27 cents, trading between 38.30-39.80 cents, with distant months 0.49-1.40 cents better.

The A Index went up 1.15 cents to 40.80.

Brokers said the technical parameters of the market are gradually ramping up, with resistance in the March cotton contract at 39.60 and then 40.50 cents.

Volume traded reached about 15,000 lots against the previous 17,114 lots.—Reuters