MCX cotton down on high output forecast, global cues.

Futures contracts of cotton on the MCX were lower due to expectations of higher crop in 2017-18 (Oct-Sep). Prospects of higher sowing across states and forecast of a normal monsoon dampened the market sentiment. Subdued demand for the commodity in the spot market because of inferior quality of arrivals also weighed on prices. Weakness in cotton futures on ICE contributed to the fall. On the MCX, the May contract of cotton traded down 0.5% from the previous close. The most active July contract traded at 77.44 cents per pound, down 0.4%.