May 17 (Reuters) -ICE cotton futures edged lower on Friday and were headed for a weekly loss, hurt by weak demand and as investors booked profit ahead of the weekend after prices rose about 2% in the previous session.

* Cotton contracts for July CTc1 fell 0.23 cents, or 0.3%, to 76.01 cents per lb by 11:09 a.m. ET (1509 GMT). It traded in a range of 75.55 and 76.83 cents a lb.

* The contract has lost about 1.7% so far this week.

* "We've had a very narrow range trade so far today and people are just kind of getting out of what they bought over the last couple of days," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* Cotton rose over 2% on Thursday as some investors took advantage of a recent price drop to buy the natural fibre. COT/N

* "The weather doesn't seem to be a major influence, even though it is going to be extremely wet in delta in southeast. So far the market doesn't really seem to care," Scoville added.

* Meanwhile, Wall Street's main indexes were largely flat in early trading as investors took a breather from the week's rally, driven by growing expectations of U.S. interest-rate cuts this year. .N

* The U.S. Department of Agriculture's weekly export sales report on Thursday showed net sales of 156,50 running bales (RB) for 2023/2024, down 38% from last week. EXP/COT

* The report also showed exports of 238,800 RB, lower 4% from the last week.

Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore