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Cottoncandy

Cottoncandy prices rose by 0.94% to Rs.54,830, supported by increasing cotton yarn demand from garment industries in South India and robust export orders. Despite higher global cotton production for CY 2024-25, projected at 117.4 million bales, India’s cotton arrivals in Punjab, Haryana, and Rajasthan dropped 43% until November 30, 2024, compared to last year. This has led to raw material shortages for ginners and spinners, particularly in Punjab, as farmers hold back kapas in anticipation of higher prices. India's cotton consumption for 2024-25 is estimated at 313 lakh bales, while pressing is forecasted at 302.25 lakh bales, as per CAI. Cotton imports for 2024-25 are projected to rise to 25 lakh bales, up from 15.2 lakh bales last year, reflecting a growing dependency on imports. U.S. cotton production for 2024-25 was revised upwards to 14.3 million bales, while global ending stocks are projected to increase by 267,000 bales due to higher supplies in Argentina, the United States, and Pakistan. On the other hand, world consumption is expected to rise by 570,000 bales, driven by increases in India, Pakistan, and Vietnam, despite reduced consumption in China. Technically, the market remains bullish as open interest surged by 3.36% to settle at 400 contracts. Cottoncandy is receiving support at Rs.54,340, with the next downside level at Rs.53,860. Resistance is now seen at Rs.55,110, with a potential upside to Rs.55,400 if breached.

BUY COTTONCANDY JAN @ 54700 SL 5400 TGT 55000-55300. MCX

Cocudakl

BUY COCUDAKL JAN @ 2740 SL 2700 TGT 2785-2810. NCDEX

Kapas

BUY KAPAS APR @ 1500 SL 1485 TGT 1515-1525. NCDEX

Cotwasoil

BUY COTWASOIL JAN @ 1215 SL 1205 TGT 1225-1235. NCDEX