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Cotton futures decline

NEW YORK: New York cotton futures were down slightly at midday, drifting lower in quiet trade after early gains on speculative buying failed to attract follow-through buying, market sources said.

"It was basically the specs and locals who brought the market to its highs, then it came off with scale-up trade selling," one trader said.

"The highs were made early and we couldn't get any follow- through," said Sharon Johnson, a cotton analyst with Frank Schneider and Co Inc. "We'll probably be down the rest of the day."

Most active December was at 81.15 cents a lb, off 0.39 cents, at 1140 EDT.

Spot October was at 82.40, off 0.30, while next year's March contract was at 82.15, off 0.40.-Reuter