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Published on 3/03/2021 10:19:16 AM | Source: Kedia Advisory

Cocudakl trading range for the day is 2183-2277 - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Cotton

Cotton yesterday settled up by 0.13% at 22310 on tight supply and high demand from export & mills. China's demand for India's cotton has pushed domestic yarn prices higher. China's demand for Indian yarn resumed to pre-Covid levels during November-December 2020, as against a volume drop from Bangladesh and Vietnam during same period. Pakistan may allow cotton import from India through land route as prospects of gradual restoration of bilateral trade ties have brightened after the new ceasefire agreement along the Loc. Maharashtra spinning mills seek subsidy on cotton purchase from CCI. CCI has granted a subsidy of Rs 300 per candy to cooperative spinning mills in Maharashtra. The Corporation has also waived-off the security deposit of `2 lakh that the mills have to pay before participating in the e-auction process of the cotton bodyCCI exported cotton to Bangladesh through a goods train from Junagarh Road railway station. The current consignment is of 6,500 bales of cotton weighing around 2,471 tonnes. A weekly export sales report from the U.S. Department of Agriculture showed net sales of 247,800 running bales (RB) for 2020/2021 with top buyer China picking up 59,500 RB of the total. In spot market, Cotton gained by 40 Rupees to end at 22110 Rupees. Technically market is under short covering as market has witnessed drop in open interest by -0.97% to settled at 8889 while prices up 30 rupees, now Cotton is getting support at 22140 and below same could see a test of 21960 levels, and resistance is now likely to be seen at 22520, a move above could see prices testing 22720.

 

Trading Idea for the day

 

* Cotton trading range for the day is 21960-22720.

 

* Cotton gained on tight supply and high demand from export & mills.

* A weekly export sales report from USDA showed net sales of 247,800 RB for 2020/2021 with top buyer China picking up 59,500 RB of the total.

* China's demand for India's cotton has pushed domestic yarn prices higher.

Cocudakl

Cocudakl yesterday settled up by 1.18% at 2236 on hopes demand would benefit from a global economic rebound amid concerns over a shortage in supply. This year the production of cotton is being reported in the country at 360 million bales and till now 270-275 lakh bales are being said to come in, while the arrival is not more than 225 lakh bales. There will be a shortage of raw material cottonseed in the coming time, which does not seem to be a major fall in the prices of cotton seed oil cake. CAI has kept its consumption estimate for the current crop year at 330.00 lakh bale in the previous month. Last season's consumption was 250 million bales due to disruptions caused by the Covid-19 epidemic. The Cotton Corporation of India (CCI) has sold around 1.28 crore bales (170 kg each) to millers and traders in the 2020-21 season, top officials at the corporation said. According to USDA, India’s production estimate is reduced by 500,000 bales after considering the rising instances of pest infestation, while Pakistan’s production may be 200,000 bales higher and Australia 100,000 bales higher. World consumption is projected 1.5 million bales higher this month, with China’s forecast 1.0 million bales higher reflecting growing domestic textile demand and exports. In Akola spot market, Cocudakl dropped by -4.95 Rupees to end at 2355 Rupees per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -7.33% to settled at 92230 while prices up 26 rupees, now Cocudakl is getting support at 2210 and below same could see a test of 2183 levels, and resistance is now likely to be seen at 2257, a move above could see prices testing 2277.

 

Trading Idea for the day

* Cocudakl trading range for the day is 2183-2277.

* Cocudakl gained on hopes demand would benefit from a global economic rebound amid concerns over a shortage in supply.

* This year the production of cotton is being reported in the country at 360 million bales and till now 270-275 lakh bales are being said to come in

* There will be a shortage of raw material cottonseed in the coming time, which does not seem to be a major fall in the prices of cotton seed oil cake

 

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