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Buy Cocudakl Jul @ 2720 SL 2680 TGT 2760-2800. NCDEX - Kedia Advisory
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COTTONCANDY
Cotton prices saw a slight decline of 0.18%, settling at 56,120, influenced by the latest USDA report indicating ample supply conditions against subdued demand. The report highlighted increased beginning and ending stocks for U.S. cotton in the 2024/25 season, with production, domestic use, and exports remaining unchanged. The projected farm price for the upcoming season decreased to 70 cents per pound due to a decline in new-crop cotton futures, with ending stocks now at 4.1 million bales, representing 28% of use. Globally, the 2024/25 cotton balance sheet also showed higher beginning stocks, production, and consumption, with world ending stocks projected at 83.5 million bales, up by 480,000 bales from May estimates. Production increases were noted in Burma, contributing to the upward revision, while consumption saw rises in Vietnam and Burma offsetting reductions elsewhere. The adjustments to the 2023/24 global balance sheet included higher beginning stocks and production, with reduced trade and consumption, leading to a rise in ending stocks by approximately 500,000 bales. Regionally, changes in planting dynamics were observed in India, with potential shifts in acreage due to monsoon patterns and economic factors affecting crop choices. In Southern India, where monsoon rains have commenced, cotton acreage is expected to rise as some chili farmers switch to cotton amid weak chili prices. Conversely, North India may see a reduction in cotton acreage due to increased pest issues and rising labor costs. Technically, the cotton market indicated fresh selling pressure with a slight increase in open interest by 0.83% while prices fell by 100 rupees. Currently, support levels for cotton are identified at 56,020, with potential downside targets at 55,910 if support is breached. Resistance stands at 56,220, and a breakout above this level could push prices towards 56,310.
BUY COTTONCANDY JUL @ 56000 SL 55700 TGT 56500-56800. MCX
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BUY COCUDAKL JUL @ 2720 SL 2680 TGT 2760-2800. NCDEX
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