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Cotton candy

Cotton candy prices dipped by -0.91% to settle at 60,940, primarily due to profit booking as the new cotton crop began arriving in parts of North and South India. The crop is arriving a bit earlier than usual, with daily arrivals reaching around 3,000 bales. The demand is expected to pick up gradually, with stronger arrivals anticipated post-September 15. In regions like Telangana, Andhra Pradesh, and Karnataka, raw cotton arrivals have commenced, particularly in places like Kurnool, Nandyal, Yemmiganur, Adoni, and Raichur. The cotton acreage has decreased this year due to erratic monsoon patterns, standing at 122.99 lakh hectares as of September 1, compared to 125.63 lakh hectares the previous year. Arrivals in Punjab have significantly decreased, with only one-third of the cotton arrival compared to the previous year. In Punjab, arrivals for the 2022-23 marketing season have reached 8.7 lakh quintals to date, whereas it was 28.89 lakh quintals for the entire 2021-22 season. In the Rajkot spot market, cotton candy prices ended at 29,635.4 Rupees, a marginal gain of 0.01%. From a technical standpoint, the cotton candy market is experiencing fresh selling, with open interest increasing by 8.24% to settle at 92, while prices declined by -560 rupees. Key support for cotton candy is at 60,640, with the potential for a test of 60,350 on the downside. Resistance is expected at 61,120, and a move above this level could lead to prices testing 61,310.

SELL COTTONCANDY NOV @ 61000 SL 61200 TGT 60800-60600. MCX

COCUDAKL

SELL COCUDAKL SEP @ 2800 SL 2840 TGT 2740-2700. NCDEX

KAPAS

BUY KAPAS APR @ 1590 SL 1580 TGT 1605-1615. NCDEX

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