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Cottoncandy

 a significant player in the global cotton market, witnessed a marginal increase of 0.03%, settling at 59,120, primarily driven by profit booking following a notable development in the cotton industry. The United States Department of Agriculture (USDA) released its October World Agricultural Supply and Demand Estimates (WASDE) report, which had far-reaching implications for the cotton market. One of the key highlights from the USDA report was the downward revision in U.S. cotton production for the 2023/24 season, which is now expected to reach 12.8 million bales. Another striking revelation from the USDA report is that Brazil is projected to surpass the United States in cotton production for the first time in the 2023/24 season. Australia's exports of cotton to China surged, reaching 61,319 metric tons worth $130 million in August, the highest since July 2014. In India, the Cotton Association of India (CAI) issued its final estimate for crop production in the 2022-23 season. CAI projected a slightly higher production of 31.8 million bales, up from its previous estimate of 31.1 million bales in July. This estimation differs from the government's third advance estimate of 34.3 million bales for the same season and the industry's production estimate of 29.9 million bales for the 2021-22 season. From a technical perspective, the cotton candy market witnessed short covering as open interest decreased by -0.93% to settle at 107 contracts. Prices experienced a modest increase of 20 rupees. Currently, cotton candy is finding support at 58,360, and a breach of this level could lead to a test of 57,590. On the upside, resistance is expected at 60,100, and surpassing this level might result in prices testing 61,070.

BUY COTTONCANDY NOV @ 58600 SL 58400 TGT 58900-59100. MCX 

Cocudakl

SELL COCUDAKL DEC @ 2840 SL 2880 TGT 2780-2740. NCDEX

Kapas

SELL KAPAS APR @ 1655 SL 1675 TGT 1635-1620. NCDEX