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Cottoncandy

Cotton candy prices dipped by 0.48%, settling at 57,600, primarily due to sluggish milling demand amidst muted global yarn demand. However, the downside was limited by robust demand for Indian cotton from countries like Bangladesh and Vietnam. Prospects of a better crop in countries such as Australia added to the market's dynamics. The International Cotton Advisory Committee (ICAC) projects increases in cotton-producing areas, production, consumption, and trade for the next season, 2024-25. In India, cotton stocks are expected to fall by nearly 31% in 2023/24, reaching their lowest level in over three decades due to lower production and rising consumption. This decline in stockpiles may limit exports from the world's second-biggest producer and support global prices, though it could also impact local textile companies' margins. For marketing year 2024/25, India's cotton production is estimated at 25.4 million 480 lb. bales, with mill consumption forecasted to increase. Import estimates are also higher, particularly with the recension of import duties on extra-long staple (ELS) cotton. China's cotton imports for MY 2024/25 are forecasted at 2.4 million metric tons, driven by higher domestic and international demand for textile and apparel products. Despite a decline in production in other regions, stable planted areas in Xinjiang are expected to maintain China's overall production levels. In the Rajkot spot market, prices ended at 27,065 Rupees, dropping by 0.23 percent. Technically, the market witnessed fresh selling, with open interest increasing by 4.35% to settle at 360 as prices dropped by 280 rupees. Cotton candy is currently supported at 57,480, with a potential test of 57,370 if this support is breached. Resistance is expected at 57,700, and a move above this level could see prices testing 57,810.

BUY COTTONCANDY JUL @ 57400 SL 5700 TGT 5780-58200. MCX

COCUDAKL

BUY COCUDAKL JUN @ 2720 SL 2670 TGT 2780-2820. NCDEX

KAPAS

SELL KAPAS APR @ 1585 SL 1565 TGT 1605-1620. NCDEX