Buy Cottoncandy NOV @ 57800 SL 57500 TGT 58200-58400. MCX - Kedia Advisory
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Cotton
Cotton candy settled down 0.14% at 57960 due to profit booking after recent gains. India's cotton production for 2023/24 is expected to fall by 7.5% to 29.5 million bales, influenced by reduced planted area and El Nino's impact on productivity. Imports may increase to 2.2 million bales, up from 1.25 million bales in the previous marketing year. The USDA's October WASDE report lowered the U.S. cotton production estimate for 2023/24 to 12.8 million bales due to reduced yields in Texas. Brazil's cotton production is predicted to exceed that of the United States for the first time, with Brazil also nearing the point of surpassing U.S. cotton exports. Australia's cotton exports to China saw a significant rise to 61,319 metric tons worth $130 million in August, capitalizing on normalized trade relations. The Cotton Association of India (CAI) revised its crop production estimate for the 2022-23 season slightly higher at 31.8 million bales, but this differs from the government's estimate of 34.3 million bales. In the Rajkot spot market, cotton candy prices ended at 27213.95 Rupees, down by 0.49%. Technically, the market experienced long liquidation, with a 1.02% drop in open interest. Prices decreased by 80 rupees. Support is identified at 57680 and 57410, with resistance at 58160 and the potential to reach 58370.
BUY COTTONCANDY NOV @ 57800 SL 57500 TGT 58200-58400. MCX
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