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Buy Cocudakl Sep @ 3080 SL 3040 TGT 3130-3180. NCDEX - Kedia Advisory
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Cottoncandy
Cotton prices declined by 0.25% to settle at 56,300, pressured by concerns over reduced cotton demand in key markets like Bangladesh and China. The market sentiment was further dampened by reports of a significant decline in cotton acreage in major Indian states. Punjab, Haryana, and Rajasthan have collectively reported only 10.23 lakh hectares under cotton cultivation this year, a sharp drop from the 16 lakh hectares recorded last year. Specifically, Punjab saw a reduction to 97,000 hectares, down from the historical norm of up to 7.58 lakh hectares during the 1980s and 1990s. Similarly, Rajasthan's cotton area decreased from 8.35 lakh hectares last year to 4.75 lakh hectares this year, while Haryana saw a reduction from 5.75 lakh hectares to 4.50 lakh hectares in 2024. Despite these reductions, some support for cotton prices emerged due to delays in shipments from the U.S. and Brazil, which triggered increased demand for Indian cotton from neighboring mills. Additionally, firm cottonseed prices have helped maintain some price stability, even as the southern states of Karnataka, Telangana, and Andhra Pradesh have commenced sowing for the 2024 Kharif season following the onset of monsoon rains. On the global front, the 2024/25 U.S. cotton projections indicate higher beginning and ending stocks, with the season average upland farm price forecasted at 70 cents per pound, down 4 cents from the previous forecast. Global ending stocks for 2024/25 are projected to increase by 480,000 bales to 83.5 million. Technically, the cotton market is undergoing long liquidation, with open interest decreasing by 0.59% to settle at 168 contracts. Cotton prices are currently supported at 56,300, and a break below this level could lead to further declines. Resistance is likely at 56,300, with any upward move potentially testing the same level again.
BUY COTTONCANDY SEP @ 56100 SL 55800 TGT 56500-56800. MCX
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BUY COCUDAKL SEP @ 3080 SL 3040 TGT 3130-3180. NCDEX
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