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Cottoncandy

Cottoncandy yesterday settled down by -0.17% at 59080 amid fears of lower production. 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. 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 28807.3 Rupees dropped by -0.02 percent. Technically market is under long liquidation as the market has witnessed a remain unchanged in open interest by 0% 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 @ 59350 SL 59150 TGT 59700-59900. MCX

COCUDAKL

SELL COCUDAKL SEP @ 2680 SL 2730 TGT 2620-2580. NCDEX

KAPAS

BUY KAPAS APR @ 1560 SL 1545 TGT 1580-1595. NCDEX

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