Buy Cottoncandy Jan @ 54600 SL 54300 TGT 54900-55200. MCX - Kedia Advisory
Cottoncandy
Cottoncandy's market showed a slight increase of 0.04%, settling at 54,730, driven by rising cotton yarn prices in South India due to heightened demand from garment industries and robust export orders. However, the USDA reported a significant 47% drop in weekly export sales of upland cotton for the 2024/2025 season. India's cotton production is projected to decline by 7.4% to 30.2 million bales, attributed to reduced planting areas and damage from excessive rainfall. This reduction is expected to impact exports, which are anticipated to fall from 2.85 million bales to 1.8 million bales, while imports may rise to 2.5 million bales from 1.75 million bales. The Cotton Association of India (CAI) highlighted that farmers in Gujarat are shifting to more profitable crops like groundnuts, further decreasing cotton acreage. On a global scale, the U.S. cotton production estimate for 2024/25 has been revised upwards to 14.3 million bales. The world cotton balance sheet reflects increased production, consumption, and ending stocks, with notable contributions from India, Argentina, and Brazil. Rajkot's spot market saw prices drop slightly to 25,703.75 Rupees. Technically, the market is experiencing fresh buying, with open interest rising by 1.26%. Support levels are identified at 54,620, with potential testing at 54,510, while resistance is noted at 54,820, with a possible upward movement to 54,910.
BUY COTTONCANDY JAN @ 54600 SL 54300 TGT 54900-55200. MCX
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