Buy Cocudakl Mar @ 2480 SL 2440 TGT 2520-2540. NCDEX - Kedia Advisory
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Cottoncandy:
Cotton prices, represented by Cottoncandy, closed marginally higher by 0.1% at 57560, finding support after the USDA's weekly sales report revealed robust demand for the 2023/2024 season. Net sales totaled 349,400 running bales, a substantial 69% increase from the previous week and 37% higher than the four-week average. The surge in demand was notably led by China and Vietnam, contributing to a marketing-year peak in exports at 396,700 bales. Despite the positive demand scenario, the USDA's World Agricultural Supply and Demand Estimates (WASDE) report for January projected a global production increase of 260,000 bales compared to December. This growth is attributed to larger crops from China and Argentina. The Cotton Association of India (CAI) maintained its estimates for the domestic consumption of cotton for the 2023-24 season at 311 lakh bales, with pressing estimates at 294.10 lakh bales. CAI's observations are based on inputs from members in 11 cotton-growing state associations and other trade sources. Notably, there are reports of a decline in pink bollworm infestation in the cotton crop in India, reducing from 30.62% during 2017-18 to 10.80% in 2022-23. Pink bollworm infestation has been observed in cotton-growing areas across the country. In the international market, Brazilian cotton shipments increased by 12% to reach 253.71 thousand tons in November compared to October 2023, but showed a 5.5% decrease compared to November 2022. In the major spot market of Rajkot, cotton prices ended at 26728.45 Rupees, gaining 0.17%. Technically, the market is under fresh buying, with a 5.44% increase in open interest to settle at 349. Cottoncandy is currently supported at 57340, with a potential test of 57120 on a breach below. Resistance is expected at 57740, and a move above could lead to prices testing 57920.
COTTONCANDY
BUY COTTONCANDY MAR @ 57400 SL 57200 TGT 57700-57900. MCX
COCUDAKL
BUY COCUDAKL MAR @ 2480 SL 2440 TGT 2520-2540. NCDEX
KAPAS
BUY KAPAS APR @ 1475 SL 1460 TGT 1490-1500. NCDEX
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