Futures contracts of cotton on the MCX hit a five-month low of 19,580 rupees per bale (1bale=170kg) due to expectations of higher output in 2017-18 (Oct-Sep). Cotton acreage in Gujarat, the largest producer, was at 496,400 ha, compared with 175,500 ha last year. On the MCX, the most active July cotton contract was at 19,800 rupees per bale, down 0.4% from the previous close.