Buy Cocudakl Mar @ 2570 SL 2540 TGT 2600-2630. NCDEX - Kedia Advisory
Cottoncandy
BUY COTTONCANDY MAR @ 52400 SL 52100 TGT 52800-53000. MCX
Cottoncandy prices remained under pressure, settling slightly lower by 0.02% at Rs.52,510 due to increased supply and subdued mill buying. Mills are well-stocked, reducing their immediate purchasing needs. Brazil’s 2024-25 cotton production is projected to rise by 1.6% to 3.76 million tons, with an expanded planting area of 4.8%, indicating a strong supply outlook. In India, the Cotton Corporation of India (CCI) is expected to procure over 100 lakh bales at the Minimum Support Price (MSP) during the current season. However, the Cotton Association of India (CAI) estimates that domestic cotton output for 2024-25 will decline to 301.75 lakh bales, down from 327.45 lakh bales in 2023-24, primarily due to lower yields in Gujarat and northern states. By the end of January 2025, total cotton supply in India was estimated at 234.26 lakh bales, with fresh pressings at 188.07 lakh bales and imports at 16 lakh bales. Domestic consumption was pegged at 114 lakh bales, while exports were significantly lower at 8 lakh bales. Ending stocks stood at 112.26 lakh bales, with 27 lakh bales held by textile mills and the remaining 85.26 lakh bales with traders and other stakeholders. Global cotton production and ending stocks are projected to rise, with China’s cotton output increasing by one million bales. Technically, the market remains weak, with fresh selling pressure as open interest rose by 2.79% to 258 contracts. Support is seen at Rs.52,480, with a drop below this level potentially testing Rs.52,440. On the upside, resistance is at Rs.52,580, and a breakout could push prices toward Rs.52,640.
COCUDAKL
BUY COCUDAKL MAR @ 2570 SL 2540 TGT 2600-2630. NCDEX
KAPAS
BUY KAPAS APR @ 1435 SL 1425 TGT 1445-1455. NCDEX
COTWASOIL
SELL COTWASOIL MAR @ 1300 SL 1310 TGT 1385-1375. NCDEX
