Buy Cocudakl DEC @ 2670 SL 2630 TGT 2730-2760. NCDEX - Kedia Advisory
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Cottoncandy
Cottoncandy prices rose by 0.3%, closing at 61080. Reports of a pink bollworm infestation in Haryana's cotton belt contributed to the uptick. However, the global cotton industry is grappling with reductions in both production and consumption, as indicated in the 2023-24 Cotton outlook. The U.S. cotton projections for 2023/24 anticipate higher beginning stocks but lower production, exports, and ending stocks. The season-average price for upland cotton is projected to be 80 cents per pound for 2023/24. The 2023/24 world cotton projections also point to lower beginning stocks, production, consumption, trade, and ending stocks compared to the previous month. India is expected to produce 330-340 lakh bales (each 170 kg) of cotton in the upcoming 2023-2024 cotton season starting on October 1, with sowing surpassing 12.7 million hectares. In the current season, 335 lakh bales of cotton have arrived in the market, with some new harvest coming from Karnataka and northern cotton-growing states. Cotton picking in Telangana is expected to gain momentum in the second or third week of November. The center has assessed the pre-sowing price forecast for cotton in 2023-24, expecting normal rainfall and an increase in crop area. From a technical standpoint, the market witnessed fresh buying, with a 10.48% increase in open interest, settling at 116. Cottoncandy has support at 60980, with the potential to test 60870 below. Resistance is expected at 61200, and a move above this level could lead to prices testing 61310
BUY COTTONCANDY NOV @ 61000 SL 60800 TGT 61300-61500. MCX
COCUDAKL
BUY COCUDAKL DEC @ 2670 SL 2630 TGT 2730-2760. NCDEX
KAPAS
BUY KAPAS APR @ 1630 SL 1625 TGT 1650-1670. NCDEX
