NEW YORK, Aug 2: Cotton futures settled softer Friday on investment fund profit-taking, and the market may trade in a range next week ahead of a key government crop report on Aug. 12, brokers said.

The key December cotton contract sank 2.61 cents, or 3.5 per cent, to close at 71.89 cents per lb, dealing from 71.50 to 74.93 cents.

Volume traded in the December contract stood at 17,367 lots.

Dealers said the inability of the December contract to close over the Wednesday session high of 74.75 cents undermined the advance.

They said the market may slip further on follow-through sales next week.—Reuters