Buy Cottoncandy NOV @ 60200 SL 60000 TGT 60500-60800. MCX - Kedia Advisory
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Cottoncandy
Cottoncandy experienced a -0.63% drop, settling at 60,400 due to profit booking, following earlier price increases prompted by reports of a pink bollworm attack in Haryana's cotton belt. The global cotton industry faces challenges with reduced production and consumption in the 2023-24 outlook. In the US, cotton projections for 2023/24 include higher starting stocks but lower production, exports, and ending stocks. Unexpectedly large warehouse stocks were reported for July 31, 2023. US cotton production is forecasted to be 860,000 bales lower, while exports and ending stocks are down as well. The season-average price is projected at 80 cents per pound, up 1 cent from the previous month. Worldwide cotton projections for 2023/24 also show lower starting stocks, production, consumption, trade, and ending stocks. In India, the 2023-2024 cotton season is expected to yield 330-340 lakh bales, with a significant sowing area. The current season saw 335 lakh bales, and new harvest continues to arrive. On the technical side, the market experienced long liquidation with a drop in open interest by -3.45% to settle at 112. Prices fell by -380 rupees. Support for Cottoncandy is at 60,240, with potential testing at 60,080, while resistance can be expected around 60,580, and a breakout may lead to testing at 60,760.
BUY COTTONCANDY NOV @ 60200 SL 60000 TGT 60500-60800. MCX
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