Buy Cottoncandy Nov@ 57000 SL 56600 TGT 57400-57800. MCX - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Cottoncandy
Cotton candy prices settled down by 0.37% at ?57,250 amid moderate demand and weak export activity, particularly towards Bangladesh. However, the downside appears limited due to hopes for a revival in demand from China following recent stimulus measures, as well as concerns over potential crop damage in key growing areas due to Hurricane Helene last week. The USDA has revised India's cotton production forecast for the 2024-25 season down to 30.72 million bales, with ending stocks reduced to 12.38 million bales, primarily due to excessive rains and pest issues affecting crop yields. The acreage planted in cotton for the current kharif season is down approximately 9% to 110.49 lakh hectares, compared to 121.24 lakh hectares last year. Cotton exports for the 2023-24 crop year are estimated to reach around 28 lakh bales, supported by demand from countries like Bangladesh and Vietnam. As of August, exports were already at 27 lakh bales, with imports rising to 16.40 lakh bales from 12.50 lakh bales a year earlier. The CAI estimates closing stocks for September 30, 2024, to be at 23.32 lakh bales, down from 28.90 lakh bales a year ago. From a technical perspective, the market is currently witnessing fresh selling, as indicated by a 4.24% increase in open interest, settling at 123 contracts. Prices have dropped by ?210, with support seen at ?57,060; a breach could lead to a test of ?56,880. Resistance is anticipated at ?57,370, and a breakout above this level could propel prices toward ?57,500.
BUY COTTONCANDY NOV @ 57000 SL 56600 TGT 57400-57800. MCX
Cocudakl
SELL COCUDAKL DEC @ 2945 SL 2985 TGT 2900-2860. NCDEX
KAPAS
SELL KAPAS APR @ 1595 SL 1610 TGT 1575-1565. NCDEX
COTWASOIL
BUY COTWASOIL DEC @ 1175 SL 1165 TGT 1190-1200. NCDEX
