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Cotton futures

move both ways

NEW YORK: NYCE cotton futures settled narrowly mixed in dull dealings after the first notice day for the May contract, floor sources said.

There were 250 notices issued, which normally would have pressured prices, said Merrill Lynch analyst Judith Ganes.

"But open interest dropped so precipitously yesterday, so there is no tightness. Anyone who wants delivery can get it," she said.

Most-active July settled 0.09 cent firmer at 84.62 cents a lb, having ranged from 85.35 and 84.50 cents. May closed off 0.09 at 82.60, while new crop December went out 0.01 weaker at 81.87.

Volume was estimated at 7,000 compared with Tuesday's official volume of 20,577 lots.-Reuter