* Speculators book profits after climb to 93.53 cts/lb

* ICE supplies up at 304,500 bales, highest since July -ICE

* Prices pare losses on expectations of slow crop progress

NEW YORK, April 28 (Reuters) - ICE cotton dropped on Monday after its crawl to a four-week high met technical resistance, prompting profit-taking.

The most-active July cotton contract on ICE Futures U.S. closed down 1.02 cents, or 1.1 percent, at 92.23 cents a lb after climbing to 93.53 cents a lb.

Prices have touched resistance at multi-week highs near 93.5 cents a lb during the past several sessions.

Trading has been rangebound as high prices have crimped new buying and mills have seen price dips as opportunities to set prices on previously booked bales.

"There is no news to bring us higher, and we can't get through the resistance area, so we're seeing spec(ulator) selling here," said Jack Scoville, a vice president at Price Futures Group in Chicago.

Exchange inventories rose to 304,500 bales on Friday, the most recent ICE data showed on Monday. That was up from 300,600 bales the previous day and at the highest levels since late July, according to exchange data compiled by Reuters.

Concerns over tight nearby supplies in the United States shot prices to two-year highs around 97 cents a lb last month after U.S. farmers grew less cotton than forecast in the 2013/14 crop year that runs through July.

Fiber pared losses ahead of a weekly U.S. government crop progress report due after the market close that was expected to show that growers in the world's top exporter are behind previous years' plantings progress.

The expectations of slow crop progress underpinned prices for next year's crop, represented by the December contract, which settled up 0.03 cent, or 0.04 percent, at 82.74 cents a lb.

U.S. farmers are forecast to boost acres this year after prices rallied in 2013 following two straight years of loss. (Reporting by Chris Prentice; Editing by Peter Galloway)