Buy Cottoncandy NOV @ 61000 SL 60700 TGT 61300-61500. MCX - Kedia Advisory
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Cottoncandy
Cottoncandy dipped by -0.16% to settle at 61060 due to profit booking, mainly driven by concerns about demand from China, a significant buyer of cotton. The latest U.S. cotton projections for 2023/24 show higher beginning stocks but lower production, exports, and ending stocks. In-transit stocks for July 31, 2023, turned out to be higher than estimated, contributing to increased beginning stocks for 2022/23. U.S. cotton production for 2023/24 is down by 860,000 bales, with the Southeast and Southwest regions leading the decline. Consumption projections remain the same as in August, but exports are down by 200,000 bales, leading to 100,000 bales lower ending stocks. The season-average price for upland cotton in 2023/24 is projected at 80 cents per pound, up 1 cent from the previous month. On a global scale, the 2023/24 cotton projections indicate lower beginning stocks, production, consumption, trade, and ending stocks compared to the previous month's estimates. India has witnessed a drop in cotton sowing by 3.65 lakh hectares compared to the previous year due to poor monsoon conditions in Gujarat and other factors like mill closures and low stock of old cotton crops. The new cotton crop has started arriving in parts of North and South India, with prices currently above the minimum support price (MSP). Cotton picking is expected to gain momentum in Telangana in the coming weeks. The government expects normal rainfall and an increase in cotton crop area for 2023-24. In the Rajkot spot market, cotton prices ended at 29418.9 Rupees, down by -0.29 percent. From a technical standpoint, the market saw fresh selling, with open interest increasing by 3.13% to 99, while prices fell by -100 rupees. Support for Cottoncandy is at 60980, with the possibility of testing 60890 if it falls below. Resistance is likely at 61180, and prices could test 61290 if they break above it.
BUY COTTONCANDY NOV @ 61000 SL 60700 TGT 61300-61500. MCX
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