BUY COCUDAKL MAR @ 2700 SL 2670 TGT 2735-2770. NCDEX - Kedia Advisory
Cottoncandy
Cottoncandy prices rose by 0.5% to ?54,100, driven by expectations that the Cotton Corporation of India (CCI) will procure over 100 lakh bales at the Minimum Support Price (MSP) in the ongoing cotton year. Additionally, the Cotton Association of India (CAI) revised its crop projections upward by 2 lakh bales for the 2024-25 season, bringing the total estimated output to 304.25 lakh bales. The revision is largely due to higher-than-expected production in Telangana, where projections have been raised by 6 lakh bales. Domestic consumption estimates have also increased by 2 lakh bales, reflecting strong market demand. On the global front, Brazil’s 2024-25 cotton production forecast was slightly reduced to 3.79 million tonnes from 3.83 million tonnes due to a decline in planted acreage in Mato Grosso. Meanwhile, the U.S. cotton balance sheet saw minor adjustments, with domestic mill use reduced by 100,000 bales and ending stocks raised accordingly. The season average upland farm price projection for U.S. cotton has been lowered to 63.5 cents per pound. In the global market, China's cotton crop is expected to increase by one million bales, balancing production declines in Argentina and Kazakhstan. While consumption has risen in Bangladesh, Pakistan, and Vietnam, it has declined in India and the United States. Technically, the market is witnessing fresh buying, with open interest rising by 1.98% to 258 as prices gained ?270. Support is at ?53,900, with a break below potentially testing ?53,710. Resistance is at ?54,230, and a move above this level could push prices towards ?54,370.
BUY COTTONCANDY MAR @ 54000 SL 53700 TGT 54300-54500. MCX
COCUDAKL
BUY COCUDAKL MAR @ 2700 SL 2670 TGT 2735-2770. NCDEX
KAPAS
BUY KAPAS APR @ 1475 SL 1465 TGT 1485-1495. NCDEX
COTWASOIL
SELL COTWASOIL MAR @ 1265 SL 1275 TGT 1255-1245. NCDEX
