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Cotton futures mixed

NEW YORK: Nyce cotton futures were trading mixed at midday in quiet trade on the first notice day of the May contract, floor sources said.

They noted trade buying after the open, and light local selling. The funds were absent from today's dealings.

"There are no funds to be seen. They are waiting for something to develop," said Ernest Simon, vice president with Prudential Securities.

One trader said July was slightly oversold, and added that prices could plunge on speculative selling if the market fell below 83.00 cents a lb.

At 1130 EDT, July was up 0.22 cent at 84.75 cents a lb, having ranged from 85.35 and 84.55 cents a lb. New crop December was trading 0.02 firmer at 81.90 cents.-Reuter