MCX cotton down for 2nd day as output seen higher.

Futures contracts of cotton on the MCX declined for the second straight day due to expectations of higher year-to-September 2018 output. Prospects of higher sowing across states and forecast of a normal monsoon dampened the market sentiment. Cotton acreage in Gujarat, the largest producer, was at 496,400 ha, compared with 175,500 ha same period last year. Subdued demand because of poor quality arrivals also weighed on prices. On MCX, the July cotton contract was at 20,210 rupees per bale (1bale=170kg), down 0.7% from the previous close.