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Cottoncandy 

Cotton candy prices experienced a marginal decline of -0.06%, settling at 62480, driven by revised upward production estimates from key producing countries, including India and Australia. The Cotton Association of India (CAI) and Cotton Corporation of India (CCI) both raised their production estimates for the current season, contributing to increased supply expectations. Additionally, Cotton Australia's upward revision in production forecasts further added to the market sentiment of ample supply. However, amidst the increased supply outlook, demand concerns emerged, particularly from textile mills in southern India. The Southern India Mills’ Association (SIMA) urged mills not to purchase cotton in panic, citing significant price hikes in the domestic market. The surge in cotton prices, especially for the widely-used Shankar-6 variety, raised concerns about domestic consumption and export competitiveness. On the global front, despite higher production and consumption estimates, cotton ending stocks were projected to decrease, indicating potential tightening of supply-demand dynamics. Increased imports by China offset lower estimates for other countries, contributing to higher world trade figures. From a technical perspective, the market witnessed fresh selling pressure, with a slight increase in open interest by 0.47% to settle at 432. Despite a decrease in prices by -40 rupees, support levels were identified at 62360, with a potential test at 62240. Conversely, resistance was anticipated at 62600, with a break above potentially leading to further price testing at 62720. The technical overview suggests a cautious approach, with market participants closely monitoring supply-demand fundamentals and price movements for trading decisions.

BUY COTTONCANDY MAY @ 62400 SL 62100 TGT 62800-63100. MCX

COCUDAKL

BUY COCUDAKL APR @ 2600 SL 2570 TGT 2650-2680. NCDEX

KAPAS 

BUY KAPAS APR @ 1540 SL 1520 TGT 1560-1580. NCDEX