* Greek vote boost fades quickly
* Investors covering shorts in July contract
* First notice day for deliveries looms June 25

NEW YORK, June 18 (Reuters) - Cotton futures finished higher
Monday as investors covered their shorts and unwound positions
in the spot July contract before it goes into delivery by next
week, analysts said.
Traders said voting in Greece gave an initial boost to the
market, but the focus turned swiftly to the need by some players
to get out of July cotton so they do not have to deliver cotton
to the board.
The spot July cotton futures went up the 3.00 cents
daily limit to close at 82.98 cents per lb., as investors paid
up to exit their positions before notice day in the July
contract on June 25, and most investors or speculators want to
avoid delivering cotton against the contracts.
The December cotton contract on the ICE Futures U.S.
exchange rose 0.84 cent to finish at 71.86 cents per lb, dealing
from 70.80 to 72.22 cents.
"The message is clear, be prepared to deliver or cover your
shorts," said independent cotton analyst Mike Stevens in
Mandeville, Louisiana.
"If (investors) can't deliver, they've got to cover so we're
seeing this," he added.
Since the only cotton that can be delivered in the exchange
is U.S. fiber, there is a shortage of that cotton because most
U.S. supplies have already been harvested and sold.
The spread between July and December is at its widest since
early April 2011, according to Thomson Reuters data.
Open interest in July stands at 31,089 lots as of June 15,
ICE Futures U.S. data showed.
Open interest in the cotton market, an indicator of investor
interest, amounted to 191,881 lots as of June 15, the exchange
said.
Stevens and other brokers said that apparently, one or two
major cotton merchants have booked a large cotton sale. Several
traders believe the sale was for China, the world's biggest
consumer of cotton.
As for Greece, whatever enthusiasm was generated by the
result in the voting quickly dissipated.
"The euphoria didn't last long," said Stevens.
Volume traded on Monday stood near 26,100 lots, less than 10
percent under the 30-day norm, Thomson Reuters data showed.