Buy cottoncandy mar @ 56800 SL 56500 TGT 57200-57500. MCX- kedia Advisory
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Cottoncandy:
Cotton prices, represented by Cottoncandy, experienced a decline of -0.63%, settling at 57020. The drop was influenced by a reduction in world consumption forecasts for the 2023/24 season, particularly in key cotton-producing countries like India, Indonesia, Pakistan, Uzbekistan, and Turkey. Additionally, higher beginning stocks and production, coupled with lower consumption, contributed to a 2.0 million bales increase in world ending stocks for 2023/24. The Cotton Association of India (CAI) maintained its estimate for domestic cotton consumption in the 2023-24 season at 311 lakh bales, with pressing estimates at 294.10 lakh bales. The total cotton supply till the end of the 2023-24 season is projected at 345 lakh bales. Meanwhile, Brazil achieved a historic high in cotton production for the 2022-23 season due to expanded cultivation and productivity. However, sluggish global demand, influenced by economic conditions, led to increased inventories and reduced cotton prices worldwide. Reports from India indicate a decline in pink bollworm infestation in cotton crops, dropping from 30.62% during 2017-18 to 10.80% in 2022-23. In the global context, Brazilian cotton shipments increased in November 2023, marking a 12% rise compared to October but a 5.5% decrease compared to November 2022. Technically, the cotton market is undergoing long liquidation, with a -0.35% drop in open interest, settling at 282. Cottoncandy finds support at 56860, and a breach below may test 56690 levels. On the upside, resistance is likely at 57280, and a move above could lead to a test of 57530. Traders should monitor these levels for potential market movements in the coming sessions.
BUY COTTONCANDY MAR @ 56800 SL 56500 TGT 57200-57500. MCX
Cocudakl:
BUY COCUDAKL FEB @ 2450 SL 2400 TGT 2500-2540. NCDEX
Kapas:
BUY KAPAS APR @ 1470 SL 1450 TGT 1490-1510. NCDEX
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