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03-01-2024 10:56 AM | Source: Kedia Advisory
Buy Cottoncandy Jan @ 56000 SL 55800 TGT 56300-56500. MCX - Kedia Advisory

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Cotton prices, represented by Cottoncandy, experienced a marginal decline of -0.04%, settling at 56160, driven by profit booking following earlier gains. The Cotton Association of India (CAI) maintained its pressing estimate for the 2023-24 season at 294.10 lakh bales, contributing to market sentiment. Total supply till the end of November was estimated at 92.05 lakh bales, consisting of market arrivals, imports, and opening stocks. Reports of a decline in pink bollworm infestation in the cotton crop brought relief, decreasing from 30.62% in 2017-18 to 10.80% in 2022-23. Infestation was observed across cotton-growing areas in the north, central, and south zones of the country. Certified cotton stocks for delivery against contracts dropped significantly, reaching 6,325 bales on December 5th from their highest level in over two years at 87,770 bales on December 1st. Brazilian cotton shipments increased by 12% in November compared to October 2023 but decreased by 5.5% compared to November 2022. The International Cotton Advisory Committee (ICAC) projected that global cotton production would surpass consumption for the second consecutive year. Global cotton lint production is expected to grow by 3.25% to 25.4 million metric tons in the 2023-24 season, while consumption is forecasted to marginally decline to 23.4 million metric tons. In Rajkot, a major spot market, Cottoncandy prices ended at 26429.95 Rupees, reflecting a decline of -0.27%. Technically, the market observed long liquidation, with no change in open interest, settling at 209. Cottoncandy is currently finding support at 56020, and a breach below could test 55870 levels. Resistance is anticipated at 56300, and a move above could lead to a test of 56430.

BUY COTTONCANDY JAN @ 56000 SL 55800 TGT 56300-56500. MCX

 

SELL COCUDAKL JAN @ 2750 SL 2790 TGT 2700-2660. NCDEX


 

BUY KAPAS APR @ 1540 SL 1530 TGT 1560-1580. NCDEX

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