Cocudakl trading range for the day is 2418-2650 - Kedia Advisory
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Cotton
Cotton yesterday settled up by 2.19% at 27110 as the pink bollworm attack on cotton crop in Punjab has been found to be much beyond earlier anticipated. Over one fourth area in biggest cotton growing districts of Bathinda and Mansa are disturbed on the count though earlier the attack was felt in around 10-15% area in these districts. Cotton procurement for 2021-22 kharif season should commence from the first week of November, Minister for Cooperation and Marketing Balasaheb Patil said. At a meeting, Patil took the stock of cotton cultivation in Maharashtra. He directed the department to start early cotton procurement from November first week to facilitate timely sale and income for farmers. The directives come in the wake of a delay in the last kharif season due to Covid-19 pandemic and lockdown, for which procurement centres did not open on time. “Cotton sowing in the current kharif season was done on 39.37 lack hectares. Last year, it was sown on 42.08 lakh hectares. The area under cotton sowing has declined by 6.44 per cent,” Patil said. Amid high demand and better prices being offered by private players, Punjab has witnessed a 50-fold increase in the arrival of cotton crop at mandis as compared to the figures till September 21 last year. In spot market, Cotton dropped by -70 Rupees to end at 26780 Rupees.Technically market is under fresh buying as market has witnessed gain in open interest by 9.22% to settled at 2049 while prices up 580 rupees, now Cotton is getting support at 26870 and below same could see a test of 26640 levels, and resistance is now likely to be seen at 27330, a move above could see prices testing 27560.
Trading Idea for the day
Cotton trading range for the day is 26640-27560.
Cotton prices remained supported as the pink bollworm attack on cotton crop in Punjab has been found to be much beyond earlier anticipated.
Kharif cotton procurement should begin in November: Maharashtra minister
Amid high demand and better prices being offered by private players, Punjab has witnessed a 50-fold increase in the arrival of cotton crop
Cocudakl
Cocudakl yesterday settled up by 1.97% at 2542 amid tight supply situation in cottonseed is expected to continue in the coming months considering the stronger demand. However upside seen limited as crop seems to be in good condition after Gujarat received very good rainfall from last few days. Cotton production will still be high because of good rains and may touch 350-360 lakh bales despite the area under coverage has gone down by 6-8%, from 133 lakh hectares last year to 125 lakh hectares in the current season. The U.S. Department of Agriculture forecast lower production and also cut ending stocks estimates for the 2021/22 marketing year in a monthly report. In its WASDE report, the USDA projected lower U.S. production, exports and ending stocks compared with July, as well as lower world 2021/22 ending stocks. CAI in its July estimate of the cotton crop for the season 2020-21 beginning October 1, 2020, has reduced the crop estimate by 1.50 lakh bales to 354.50 lakh bales from its previous estimate of 356 lakh bales. The CAI has maintained its cotton crop estimate for the Northern Zone at the same level as in its previous month’s estimate i.e. at 65.50 lakh bales. In Akola spot market, Cocudakl dropped by -23.55 Rupees to end at 2824.8 Rupees per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 3.41% to settled at while prices up 49 rupees, now Cocudakl is getting support at 2480 and below same could see a test of 2418 levels, and resistance is now likely to be seen at 2596, a move above could see prices testing 2650
Trading Idea for the day
Cocudakl trading range for the day is 2418-2650
Cocudakl gained amid tight supply situation in cottonseed is expected to continue in the coming months considering the stronger demand.
However upside seen limited as crop seems to be in good condition after Gujarat received very good rainfall from last few days
The cotton crop estimate for the Central Zone has been reduced by 0.50 lakh bales to 193.50 lakh bales
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