Sept 4 (Reuters) -ICE cotton futures fell on Wednesday after hitting their highest level in over a week in the previous session, as a broader risk-off mood added pressure to the natural fiber along with subdued demand.

* Cotton contracts for December CTZ4 lost 0.58 cent, or 0.9%, to 69.92 cents per lb at 12:02 a.m. EDT (1602 GMT). On Tuesday, the contract hit its highest since Aug. 26.

* "Prices are already very cheap, but demand concerns from China are still lingering around, because of which it's not reflecting positively on cotton prices," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* Cotton will trade within the range of 67-71 cents per lb in the near-term, said Scoville.

* Weighing on the natural fiber, shares fell globally, hit by a drop in tech stocks sparked by a record sell-off for U.S. chipmaker Nvidia and as expectations of fading global growth bruised riskier assets. .N

* Oil prices fell in choppy trading after sources from OPEC+ told Reuters the producer group was discussing delaying a planned output increase in October, amid demand concerns and a possible return of Libyan production. O/R

* Lower oil prices make cotton-substitute polyester less expensive.

* In a weekly crop progress report on Tuesday, the U.S. Department of Agriculture said 44% of the cotton crop was in good-to-excellent condition, compared with 40% a week ago.

* Elsewhere, soybean futures slipped after rising sharply in the previous session as expectations that a Chinese anti-dumping probe into Canadian canola could shift trade towards soy were tempered by broader concerns about tepid Chinese demand. GRA/

Reporting by Sherin Elizabeth Varghese in Bengaluru; editing by Alan Barona