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Cottoncandy

Cottoncandy yesterday settled down by -0.17% at 59080 after reports In Gujarat, sowing grows by nearly 5% with 2,679,299.00 hectares against sown area of 2021 which was 2,545,105.00 hectares. However downside seen limited amid fears of lower production. India’s Cotton sowing dropped by nearly -1.82% to 122.56 lakh hectares in 2023 against an area sown of 124.82 lakh hectares in 2022. Cotton arrivals so far during the current season that started in October last year has crossed 318 lakh bales according to data available with the Cotton Corporation of India, said the Southern India Mills’ Association (SIMA). Arrivals in Punjab have been recorded at almost one-third of the previous year, 2021-22. In Punjab the arrival of cotton in the 2022-23 marketing season has been recorded at 8.7 lakh quintal till date this year, while it was 28.89 lakh quintal for the entire 2021-22 season. India is set for its lowest monsoon rains in eight years, with El Niño weather expected to cut September precipitation. This could make essentials like sugar, pulses, rice, and vegetables more expensive and raise food inflation. The monsoon, vital for India's economy, provides 70% of the rain needed for crop watering and irrigation. The September rainfall deficit could make essentials more expensive and raise food inflation. In Rajkot, a major spot market, the price ended at 28787.5 Rupees dropped by -0.1 percent. Technically market is under fresh selling as the market has witnessed a gain in open interest by 9.09% to settle at 60 while prices are down -100 rupees, now Cottoncandy is getting support at 58420 and below same could see a test of 57770 levels, and resistance is now likely to be seen at 59660, a move above could see prices testing 60250.

BUY COTTONCANDY NOV @ 58900 SL 58700 TGT 59200-59400. MCX

SELL COCUDAKL SEP @ 2660 SL 2700 TGT 2600-2560. NCDEX

BUY KAPAS APR @ 1545 SL 1535 TGT 1560-1570. NCDEX

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