* Market retreats from new high at $1.0334/lb

 * Trade, mill buying still seen behind fresh advance

 * China's 5-day holiday thins out business

 NEW YORK, Sept 22 (Reuters) - Cotton futures ended down for
the first time in five sessions on Wednesday, as investment and
mill buying momentum slowed and analysts looked for prices to
correct further after setting yet another new 15-year high
earlier in the session.

 "I think the market is starting to run out of gas up here
... the market is a little top-heavy," said Keith Brown of
Keith Brown and Co. in Moultrie, Georgia.

 "Today's retreat has been pretty orderly. We have been
leaking lower all day and the market has run a long way, so
this is going to be very healthy for the market later on," he
said, putting near-term support at the 95.00-cent level.

 ICE Futures U.S. key December cotton contract CTZ0 ended
down 1.17 cents at 99.62 cents, after hitting a new 15-year
peak of $1.0334 per lb.

 The low for the day was at 99.55 cents.

 Most of the push toward the highs came from speculative
funds who feel cotton prices could go higher if bad harvest
weather hits top producers like China, India and the U.S.,
analysts said. There was also some mill buying coming in.

 "Overseas mills are definitely buying," said Lou Barbera,
an analyst for VIP Commodities. He added that while some funds
are taking advantage of high cotton prices to liquidation
positions, "new longs are getting in."

 Futures volume remained relatively healthy at 25,283 lots
by 3:22 p.m., against the 30-day average at 15,071 lots,
according to preliminary Thomson Reuters data.

 (Graphic: link.reuters.com/wub94p)

 Analysts were uncertain if the market is indeed getting
close to topping out its rally or whether another leg up is in
store for fiber contracts, especially after China comes back
from its long holiday break.

 Market bulls believe strong demand from overseas buyers and
buying by funds should continue to boost cotton, but bears
believe the upcoming U.S. harvest and cotton exports by India
should dampen the surge.

 To gauge demand, market players will be looking at the U.S.
Agriculture Department's weekly export sales report due out on
Thursday to see if the rally has discouraged cotton sales.

 Cotton brokers believe total U.S. cotton sales may range
from 300,000 to 400,000 running bales (RBs, 500-lbs each), from
844,200 RBs in last week's report.

 "That would still be a good number given how high prices
are. Apparently, some mills are paying up because they do not
want to run short on supplies," one said.