* Fiber seen stuck in range-bound trading, light volumes
* December cotton prices climb 1.4 percent in July
* Exchange stocks fall to six-month low -ICE data
NEW YORK, July 31 (Reuters) - Cotton futures were little changed on Wednesday, underpinned by uncertainty over 2013/14 supplies in the United States, the world's largest exporter, but weighed by worry over demand in top consumer China.
The benchmark December cotton contract on ICE Futures U.S. settled up 0.04 cent, or 0.05 percent, at 85.18 cents a lb.
Volume has been light and trading range-bound in recent sessions, though December posted a monthly gain 1.4 percent in July, as concerns over a late 2013/14 crop and a steep drop in exchange stocks underpinned nearby prices.
A government stockpiling program has driven voracious demand for foreign cotton in China, though speculation has grown among traders that Beijing may consider changes to the cotton program next year, as textile mills struggle with narrowing margins.
Further, recent economic data has stirred worry of a slowdown in the Asian nation, the largest consumer of many raw materials.
Prices have traded in a tight range because of the conflicting fundamentals, traders said.
"What's China going to do? No one knows. Certified stock has come way down. If we are to see active business before we get our cotton harvested, you could see tightness in December," said Jobe Moss, a broker with MCM Inc. in Lubbock, Texas.
Expectation of a late crop after unfavorable weather earlier in the season delayed plantings has created a sense of tightening U.S. supplies heading into the new crop year that starts on Aug. 1.
A big drop in exchange stocks this month has added to the sense of tight nearby supplies.
ICE stocks totaled about 142,000 bales on Tuesday, according the most recent exchange data.
That was the lowest level since January and down from over 600,000 bales at the start of the month, according to data compiled by Reuters.
Nearby October and December eked out gains on Wednesday, even as forward prices posted slight losses.
Still, global inventories are expected to reach record levels in the 2013/14 crop year, as high prices have deterred demand and cotton has lost marketshare to lower-priced, synthetic alternatives.
Dealers eyed U.S. government weekly export data due on Thursday for signs of demand at the end of the current crop year.
Merchants have said buying has been limited, with mills coming in to buy on price dips below 83 or 84 cents. (Reporting by Chris Prentice; editing by Gunna Dickson)
