Buy Cocudakl Dec @ 2950 SL 2900 TGT 3000-3040. NCDEX - Kedia Advisory
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Cottoncandy
Cotton prices declined by 0.18% to 56,010 as yarn markets face weak demand and payment challenges. The USDA has lowered India’s cotton production forecast for the 2024-25 season to 30.72 million bales, with ending stocks reduced to 12.38 million bales due to crop damage from heavy rains and pest infestations. While India’s production is down, global cotton output is projected to increase, driven by higher production in China, Brazil, and Argentina, offsetting reductions in the U.S. and Spain. In India, cotton acreage for the current kharif season has fallen by approximately 9% year-on-year to 110.49 lakh hectares, with production expected to decrease by 7.4% to 30.2 million bales due to lower planting area and weather damage. This decline may curb exports, forcing India to boost imports, which are anticipated to rise to 2.5 million bales from 1.75 million last year, according to the Cotton Association of India (CAI). Reduced exports and steady domestic demand at 31.3 million bales may support global prices. The U.S. cotton balance sheet for 2024/25 also reflects lower production, mill use, and exports. The NASS lowered U.S. cotton production by over 300,000 bales to 14.2 million due to recent hurricane damage, with weaker global demand further reducing exports by 300,000 bales. Technically, the cotton market remains under fresh selling pressure, with a 4.23% increase in open interest to 148 contracts, indicating a bearish stance. Immediate support is seen at 55,860, with a potential dip to 55,700 if breached. Resistance is positioned at 56,140, and a break above could push prices towards 56,260.
BUY COTTONCANDY NOV @ 55800 SL 55500 TGT 56200-56600. MCX
Cocudakl
BUY COCUDAKL DEC @ 2950 SL 2900 TGT 3000-3040. NCDEX
Kapas
BUY KAPAS APR @ 1550 SL 1535 TGT 1565-1575. NCDEX
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