Sell Cocudakl SEP @ 2700 SL 2760 TGT 2630-2580. NCDEX - Kedia Advisory
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Cottoncandy
Cottoncandy yesterday settled down by -0.61% at 59020 amid weaker export prospects and slower domestic buying. However, losses are likely to be limited due to reports of crop damage caused by pink bollworm attack in Punjab. Area under cotton has been already down in year 2023 and now lower yield prospects will restrict the losses in cotton. Global cotton production will likely decline next season (October 2023-September 2024) by three per cent, while consumption may remain stagnant and ending stocks could be lower. Cotton Association of India (CAI) maintained the cotton crop production forecast for the 2022-23 season at 311.18 lakh bales. The total cotton supply for October 2022 to July 2023 is estimated at 332.30 lakh bales. 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. USDA weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with increases primarily for China. During this Kharif season, cotton cultivation in Gujarat has achieved a remarkable milestone, surpassing the records of the past eight years. In Rajkot, a major spot market, the price ended at 28816.35 Rupees dropped by -0.19 percent. Technically market is under long liquidation as the market has witnessed a drop in open interest by -10.43% to settle at 249 while prices are down -360 rupees, now Cottoncandy is getting support at 58720 and below same could see a test of 58430 levels, and resistance is now likely to be seen at 59500, a move above could see prices testing 59990.
BUY COTTONCANDY AUG @ 58900 SL 58700 TGT 59200-59400. MCX
Cocudakl
SELL COCUDAKL SEP @ 2700 SL 2760 TGT 2630-2580. NCDEX
Kapas
SELL KAPAS APR @ 1560 SL 1575 TGT 1540-1530. NCDEX
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