Buy Cottoncandy Mar @ 57600 SL 57400 TGT 58000-58300 MCX - Kedia Advisory
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Cottoncandy:
Cotton candy prices settled down by -0.17%, closing at 57740, influenced by changes in global consumption and production forecasts for the 2023/24 season. World consumption is expected to decrease by 1.3 million bales due to reductions in India, Indonesia, Pakistan, Uzbekistan, and Turkey. This, coupled with higher beginning stocks and production, led to a 2.0 million bale increase in world ending stocks for the same period. Lower consumption in Uzbekistan contributed to a 400,000-bale increase in beginning stocks for the 2023/24 season. In India, the Cotton Association of India (CAI) maintained its estimate for domestic consumption at 311 lakh bales for the 2023-24 season. The pressing estimate was retained at 294.10 lakh bales. CAI's observations were based on inputs from members and trade sources. Brazil's cotton production reached a historic high in the 2022-23 season, driven by expanded cultivation and productivity. Despite increased global supply, sluggish demand due to unfavorable economic conditions led to bloated inventories and reduced cotton prices worldwide, according to the Center for Advanced Studies on Applied Economics (CEPEA). Globally, the International Cotton Advisory Committee (ICAC) projected that cotton production would likely exceed 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 2023-2024 season, while consumption is forecasted to marginally decline to 23.4 million metric tons. Technically, the cotton candy market is undergoing fresh selling, with a 3.95% increase in open interest, settling at 316, while prices declined by -100 rupees. Cotton candy is finding support at 57460, and a breach below may lead to a test of 57170 levels. Resistance is expected at 58020, with a move above potentially pushing prices to 58290
BUY COTTONCANDY MAR @ 57600 SL 57400 TGT 58000-58300. MCX
Cocudakl:
SELL COCUDAKL FEB @ 2500 SL 24502 TGT 2550-2600. NCDEX
Kapas:
BUY KAPAS APR @ 1480 SL 1460 TGT 1500-1515. NCDEX
