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Cottoncandy

Cottoncandy prices dipped by -0.27% to 59840 due to profit booking, following reports of a pink bollworm attack in Haryana's cotton belt. The global cotton industry is facing reduced production and consumption in the 2023-24 outlook. In the U.S., cotton projections for 2023/24 show lower production, exports, and ending stocks, with a season-average price of 80 cents per pound. Worldwide, there are lower projections for beginning stocks, production, consumption, trade, and ending stocks compared to the previous month. India is expected to produce 330-340 lakh bales of cotton in the upcoming 2023-24 season. Sowing has already crossed 12.7 million hectares, and the current season has seen 335 lakh bales arrive in the market. Cotton picking will gain momentum in Telangana in November, and the central government has forecast normal rainfall and an increase in crop area for 2023-24. In Rajkot, a major spot market, cotton prices ended at 28665.4 Rupees, a slight drop of -0.06%. Technically, the market witnessed fresh selling with a slight increase in open interest by 0.9%. Support for Cottoncandy is at 59800, with potential testing of 59750 levels if it goes lower. Resistance is likely at 59900, and breaking above could lead to prices testing 59950.

BUY COTTONCANDY NOV @ 59700 SL 59400 TGT 60000-60200. MCX 

KAPAS

BUY KAPAS APR @ 1650 SL 1630 TGT 1670-1690. NCDEX