* Prices rise for fifth straight session on short covering
* U.S. govt shutdown could menace USDA supply/demand reports
* Upcoming 7-day Chinese holiday spurs increase in activity
By Marina Lopes
NEW YORK, Sept 30 (Reuters) - New York cotton prices rose for a fifth straight session to their highest in almost six weeks on Monday as forecasts of more stormy weather reinforced concerns about further damage to the 2013/14 crop and spurred some traders to cover short positions.
With just hours to go before a midnight deadline to avert a U.S. federal government shutdown, traders also braced for a possible delays to some crucial government statistics.
The fiber outperformed the broader commodity market and equities, which were hit by concerns over the impact the government shutdown on the world's largest economy.
The most-active December cotton contract on ICE Futures U.S. settled up 0.58 cent, or 0.7 percent, at 87.21 cents a lb after hitting an intraday high of 87.50 cents, its loftiest price since Aug. 21.
Storms brewing in the U.S. Pacific Northwest and the Gulf of the Mexico threatened the harvest in Texas, the U.S. crop's key growing region, and fueled speculative buying in the past week.
"Cotton prices are reacting on short-term weather," said Ron Lawson, a partner at commodity investment firm LOGIC Advisors.
Rains have already delayed crop progress and hurt yields in key growing regions of the United States, the world's top exporter.
"A lot of the buying is spec related and you may also be seeing a bit of trade short covering, if it looks like the market tends to go higher," said Sharon Johnson, a cotton specialist with KCG Futures in Atlanta.
The market ended the third quarter 1.8 percent higher, with September's gains helping fiber to recoup some of the ground lost last month after a bearish U.S. Department of Agriculture crop report triggered a fund exodus. Prices fell to as low as 82 cents.
While analysts say a government shutdown will not have immediate consequences for the cotton industry, a prolonged stand-off could keep investors in the dark on essential supply and demand statistics, including weekly export sales and the monthly crop report.
The lack of information may lead to increased price volatility, Johnson warned.
The possible shutdown comes on the eve a seven-day holiday in China, the world's No. 1 textile market, spurring an increase in activity before an expected lull.
Ahead of the national holiday, Beijing bought 51,420 tonnes of domestic cotton for its state reserves last week, nearly 20 percent of the targeted amount for Sept. 22-27, according to the China Cotton Information Center.
Traders expected the pace of buying to increase as the harvest ramps up. (Editing by Josephine Mason and Marguerita Choy)