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Cotton Candy

Cottoncandy prices declined by 0.26% to Rs.54,240 amid increased global production projections for 2024-25. World cotton output is expected to rise by 1.2 million bales to 117.4 million bales, driven by higher production in India and Argentina. However, India's northern states - Punjab, Haryana, and Rajasthan - reported a 43% decline in kapas arrivals until November 30, compared to last year, due to farmers holding back stock and raw material shortages for ginners and spinners, especially in Punjab. The Cotton Association of India (CAI) maintained its cotton consumption estimate for the 2024-25 season at 313 lakh bales of 170 kg each and projected imports to rise significantly to 25 lakh bales, up 9.8 lakh bales from the previous year. By November 30, 9 lakh bales had already arrived at Indian ports. India's closing stock for 2024-25 is forecasted at 26.44 lakh bales, down from 30.19 lakh bales last year. Globally, the U.S. revised its cotton production estimate upward to 14.3 million bales, while world consumption increased by 570,000 bales due to higher demand from India, Pakistan, and Vietnam. The Cottoncandy market experienced fresh selling pressure, with open interest rising by 5.78% to 366 contracts. Prices are currently supported at Rs.54,070, with a potential downside to Rs.53,910. Resistance is pegged at Rs.54,520, and a breakout above this level could push prices toward Rs.54,810.

BUY COTTONCANDY JAN @ 54200 SL 53800 TGT 54600-54900. MCX

Cocudakl

BUY COCUDAKL JAN @ 2650 SL 2610 TGT 2700-2740. NCDEX

Kapas

BUY KAPAS APR @ 1480 SL 1465 TGT 1495-1505. NCDEX