MCX cotton up as USDA sees world 2017-18 end-stock down.

Futures contracts of cotton on the MCX traded higher, tracking a rise in benchmark cotton contract on the ICE, where lower estimates for global 2017-18 ending stocks pushed prices higher. The US Department of Agriculture has cut its estimate for global ending stocks of cotton for 2017-18 to 87.14 million bales (1USbale=480pound) from 89.52 million bales projected in 2016-17. On the MCX, the June contract was at 21,270 rupees per bale (1bale=170kg), up 0.3% from the previous close, while the most active July contract on the ICE was at 77.35 cents per pound, up 0.3%.