14:48 EDT - Cotton futures rallied to a more than 4-month high in more than double 2012's average daily volume YTD as traders worried about the availability of ICE-certified cotton stocks, which are at 17-year lows. "Given the quickness of the run-up and accompanying volume, [the gains appear] to be fund short-covering/new buying with limited producer selling," says Knight Futures' Sharon Johnson. She says 80c/lb is the next upside objective. ICE cotton for Dec delivery settled 4% higher at 77.86c/lb, a high since June 21.