Buy Cottoncandy NOV @ 61300 SL 61100 TGT 61600-61800. MCX - Kedia Advisory
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COTTON CANDY
Cotton prices experienced a decline of -0.81%, settling at 60900, primarily due to concerns regarding demand from China. The U.S. cotton market for 2023/24 reveals higher beginning stocks but lower production, exports, and ending stocks. Unexpectedly large warehouse stocks reported for July 31, 2023, contributed to higher beginning stocks for 2022/23. U.S. production for 2023/24 is forecasted to decrease by 860,000 bales, with notable declines in the Southeast and Southwest regions. While consumption remains unchanged from August, exports are down by 200,000 bales, and ending stocks are 100,000 bales lower. 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 the global front, 2023/24 world cotton projections indicate lower beginning stocks, production, consumption, trade, and ending stocks compared to the previous month's estimates. India's cotton sowing has seen a 3.65 lakh hectare decrease compared to last year, attributed to poor monsoon conditions in Gujarat, mill closures, and low stock of old cotton crops. Early arrivals of the new cotton crop in North and South India have started above the minimum support price levels, with expectations of increased arrivals post-September 15. Cotton picking in Telangana is set to gain momentum in November, with favorable conditions expected
BUY COTTONCANDY NOV @ 61300 SL 61100 TGT 61600-61800. MCX
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