Buy Cottoncandy NOV @ 57600 SL 57300 TGT 58000-58200. MCX - Kedia Advisory
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COTTONCANDY
Cotton prices experienced a slight dip of -0.24% on the previous day, closing at 57820 due to concerns about China's reduced demand. This decline follows the USDA's report in October, which revised down the U.S. cotton production for 2023/24 to 12.8 million bales, attributing it to lower yields in Texas. An interesting shift noted was that Brazil is expected to surpass the U.S. in cotton production for the first time in history and is nearing overtaking U.S. cotton exports. Additionally, Australia saw a surge in cotton exports to China, capitalizing on improving trade relations. The Cotton Association of India (CAI) updated its crop production estimate for the 2022-23 season, raising it slightly to 31.8 million bales. This estimate contrasts with the government's projection of 34.3 million bales. India is anticipating a cotton production of 330-340 lakh bales for the 2023-24 season. However, some areas in Telangana witnessed reduced cotton cultivation due to unfavorable weather conditions. In the Rajkot spot market, cotton prices closed at 27280.3 Rupees with a -0.24% drop. From a technical perspective, the market showed signs of long liquidation, with open interest remaining unchanged. Cottoncandy's support level is at 57820, and resistance is also at 57820.
BUY COTTONCANDY NOV @ 57600 SL 57300 TGT 58000-58200. MCX
COCUDAKL
Cocudakl SELL COCUDAKL DEC @ 2780 SL 2840 TGT 2720-2680. NCDEX
KAPAS
SELL KAPAS APR @ 1615 SL 1630 TGT 1595-1585. NCDEX
