Buy Cottoncandy NOV @ 57300 SL 57000 TGT 57600-57800. MCX - Kedia Advisory
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Cotton
Cottoncandy prices remained unchanged at 57340, experiencing a standstill due to profit booking after earlier support from factors affecting India's cotton production. Projections indicate a 7.5% decline in India's cotton production to 29.5 million bales in 2023/24 due to lower planted area and the impact of El Nino weather conditions. Import estimates for India have risen to 2.2 million bales from the previous year's 1.25 million bales, according to the Cotton Association of India (CAI). In the U.S., the cotton balance sheet for 2023/24 shows slightly lower consumption but higher production and ending stocks. Higher production in regions outside Texas offsets lower production in the state. Globally, the balance sheet reflects lower consumption but higher production and stocks, with India's 2022/23 production contributing to increased beginning stocks. The final estimate from the Cotton Association of India (CAI) for the 2022-23 season is slightly higher at 31.8 million bales, up from the initial estimate of 34.4 million bales. This contrasts with the government's estimate of 34.3 million bales and the industry's estimate of 29.9 million bales. In north Maharashtra, cotton production is anticipated to decline by 25% due to insufficient rainfall, further impacting the overall production scenario. In the Rajkot spot market, a key market for cotton, prices ended at 26908 Rupees, reflecting a -0.2% decrease. Technically, the market is undergoing long liquidation, with a 1% drop in open interest settling at 99. Despite prices remaining unchanged at 57340, the market's support and resistance levels indicate a potential testing ground. Support is observed at 57340, and a break below could lead to further testing at the same level. Resistance is also identified at 57340, and a move above might lead to prices testing the same level.
BUY COTTONCANDY NOV @ 57300 SL 57000 TGT 57600-57800. MCX
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