Dec 19 (Reuters) -ICE cotton futures ticked up on Tuesday from their lowest level in two weeks, lifted by speculators taking profits on the price dip while a weaker dollar also lent support.
* The March contract CTc1 rose 0.42 cent, or 0.5%, to 79.52 cents per lb at 11:38 a.m. ET (1638 GMT).
* Prices touched their lowest level since Dec. 6 earlier in the session, having declined for the previous three sessions.
* "That's a little bit of profit-taking after a couple of days of the market being off... it's trying to find some direction which it does not really have right now," said Jon Marcus, president of Lakefront Futures and Options brokerage, in Chicago.
* The U.S. dollar index fell 0.5%, making the natural fiber less expensive for buyers holding other currencies. USD/
* Traders also assessed higher oil prices, which raise the cost of cotton-substitute polyester. O/R
* "It'll take a couple of months before the cotton market really starts to move," Marcus said, expecting prices to be range-bound from now until the Lunar New Year in China offers some catalyst.
* Traders also looked for a clearer demand picture from the weekly U.S. export sales report due on Thursday. EXP/COT
* Elsewhere, Chicago soybean futures eased as weather forecasts suggested dry crop belts will get some rain relief in the coming days. GRA/
Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber