MCX cotton down as India 2017-18 end-stocks seen up.

Futures contracts of cotton on the MCX fell as USDA raised its estimate for India cotton ending stocks for 2017-18 (Aug-Jul). On the MCX, the June contract was at 20,580 rupees per bale (1bale=170 kg), down 0.8% from the previous close. Higher acreage in Gujarat, the largest producer, further dampened sentiment. As on Jun 5, cotton acreage in Gujarat was at 49,500 ha, higher than 15,200 ha a year ago.