Buy Cottoncandy Jul @ 56800 SL 56400 TGT 57300-57600. MCX - Kedia Advisory
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Cottoncandy
Cottoncandy fell -0.11% yesterday to 56840, as sluggish milling demand remains a concern in the face of weak yarn demand in the worldwide market. However, the downside appears to be limited since demand for Indian cotton remains robust from purchasers in countries such as Bangladesh and Vietnam, among others. There were hopes for a better crop in places like as Australia. The International Cotton Advisory Committee (ICAC) forecasts improvements in cotton-producing area, production, consumption, and trade for the 2024-25 season. Cotton stockpiles in India are predicted to shrink by about 31% in 2023/24, reaching their lowest level in more than three decades, owing to reduced production and growing consumption. Lower stockpiles will constrain exports from the world's second largest producer during the current marketing year, which ends on September 30, supporting global prices. It could also raise domestic pricing and reduce the margins of local textile producers. Cotton stockpiles at the conclusion of the 2023/24 marketing year could fall to 2 million bales (340,000 metric tonnes), according to a statement from the Cotton Association of India (CAI). India is expected to produce 30.97 million bales of cotton this season, down from 31.89 million bales last year, according to the CAI. The country's consumption is predicted to increase to 31.70 million bales, up from 31.10 million bales last year. According to the CAI, India's cotton exports this season might reach 2.20 million bales, up from 1.55 million bales the previous year. Technically, the market is in long liquidation, as open interest has dropped by -0.28% to settle at 362 while prices have fallen by -60 rupees. Cottoncandy is now receiving support at 56660, and a move below could see prices test 56470 levels, while resistance is now likely to be seen at 57120, with a move above potentially seeing prices test 57390.
BUY COTTONCANDY JUL @ 56800 SL 56400 TGT 57300-57600. MCX
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