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Cottoncandy 

Cottoncandy prices rose by 1.7% to settle at 57,420, driven by supply concerns after theUSDA lowered India's cotton production forecast for the 2024-25 season to 30.72 millionbales due to crop damage from excessive rains and pest issues. Additionally, ending stockswere reduced to 12.38 million bales, further tightening supply. However, the upsideremained limited by weak demand in yarn markets, along with payment constraints.Globally, the USDA increased cotton production estimates by over 200,000 bales, withhigher output projected in China, Brazil, and Argentina, offsetting declines in the U.S. andSpain. In India, cotton acreage for the current Kharif season fell by 9%, as farmers shifted toother more lucrative crops. Meanwhile, the Cotton Association of India (CAI) estimatedclosing stocks for the 2023-24 season at 30.19 lakh bales, slightly higher than the previousyear, with consumption and pressing also seeing marginal increases. Imports during theseason rose to 17.5 lakh bales, boosting overall supply, while exports surged by 84%, drivenby demand from countries like Bangladesh and Vietnam. Technically, Cottoncandy isexperiencing fresh buying, with open interest rising by 1.54% to 132 as prices gained 960.Support is currently seen at 57,200, with a potential test of 56,990 if this level is breached. Onthe upside, resistance is expected at 57,620, and a move above this could push pricestowards 57,830. This rise in cotton prices reflects both domestic supply constraints andglobal market dynamics, while demand concerns may cap further gains in the short term.

BUY COTTONCANDY NOV @ 57000 SL 56600 TGT 57400-57600. MCX

Cocudakl

BUY COCUDAKL DEC @ 3050 SL 3000 TGT 3100-3150. NCDEX

Kapas

BUY KAPAS APR @ 1590 SL 1575 TGT 1605-1615. NCDEX