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Published on 18/09/2020 12:30:08 PM | Source: Kedia Advisory

Cocudakl trading range for the day is 1806-1910. By Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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COTTON

Cotton yesterday settled down by -0.28% at 17980 on profit booking after seen supported as cotton harvesting may get delayed and crop may get damaged as all India rains likely to be above normal. With the improvement of weather conditions, daily arrival of new cotton is increasing in India including Haryana. Following waterlogged conditions across districts of Hissar, Fatehabad, Jind and Bhiwani districts, nearly 50000 acres have been adversely affected in Haryana. Cotton crop on nearly 50,000 acres in the state is destroyed due to waterlogging after the recent rains. Official reports and assessments from farmers indicate that cotton, grown over nearly 10,000 acres has been destroyed completely. Apart from damage due to August rains, cotton growers are also worried from the Whitefly attacks on cotton crop. The state of Haryana received good rains in the beginning of August, especially in villages of Hisar’s Barwala, Fatehabad’s Bhuna and Bhiwani’s Tosham and Siwani blocks. Rains as well as prevailing hot and humid weather conditions has resulted in pest infestation in recent weeks. Technically market is under fresh buying as market has witnessed gain in open interest by 5.56% to settled at 760 while prices up 50 rupees, now Cotton is getting support at 17950 and below same could see a test of 17880 levels, and resistance is now likely to be seen at 18080, a move above could see prices testing 18140.

Trading Idea for the day

Cotton trading range for the day is 17830-18110.

Cotton dropped on profit booking after seen supported as cotton harvesting may get delayed and crop may get damaged

Cotton crop on nearly 50,000 acres in the state is destroyed due to waterlogging after the recent rains.

Apart from damage due to August rains, cotton growers are also worried from the Whitefly attacks on cotton crop.

 

COCUDAKL

Cocudakl yesterday settled down by -1.55% at 1844 as the season is lean, production in the mills is more or less stagnant after March, but this time due to Corona, business has been disrupted. Demand in northern India, including Rajasthan, has increased slightly, but there is concern that about 50% of the total production this year is lying in Godamas. The market was estimated to produce around 9 million tonnes of cake in the country, given the cotton production this year. At the same time, cotton cultivation has increased by 4.13% in 123.6 lakh hectare this year. New crop arrivals in north India are also expected to start from next month. Of course, the arrival of cottonseed is expected to increase again in the market from September to October. However, unless the price of cotton remains low, unless the market interferes with CCI, farmers can stop the arrival at the beginning of the season. At present, the price of cotton in the mandis is 4200- 4500 rupees per quintal. While the central government has fixed the minimum support price of Rs 5515-5825 per quintal. At the same time, there is a good demand for cotton cake in Maharashtra, Punjab, Haryana and Rajasthan of North India. Technically market is under fresh selling as market has witnessed gain in open interest by 0.12% to settled at 16670 while prices down -37 rupees, now Cocudakl is getting support at 1853 and below same could see a test of 1834 levels, and resistance is now likely to be seen at 1901, a move above could see prices testing 1930.

Trading Idea for the day

Cocudakl trading range for the day is 1806-1910.

Cocudakl prices dropped as the season is lean, production in the mills is stagnant

The market was estimated to produce around 9 million tonnes of cake in the country, given the cotton production this year.

Cotton cultivation has increased by 4.13% in 123.6 lakh hectare this year.

 

 

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