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20-09-2024 10:23 AM | Source: Kedia Advisory
Buy Cottoncandy Sep @ 58200 SL 57800 TGT 58600-58800. MCX - Kedia Advisory

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Cottoncandy

Cotton prices rose by 0.22%, settling at Rs.58,410 as the USDA lowered India's cotton production forecast for the 2024-25 season to 30.72 million bales due to crop damage from excessive rains and pest infestations. Ending stocks were also reduced to 12.38 million bales. Additionally, India's cotton acreage for the current kharif season is down 9% compared to last year. However, the upside in prices was limited by the arrival of raw cotton in Punjab mandis. On the export front, cotton exports for the 2023-24 season are estimated to be 80% higher at 28 lakh bales, driven by demand from countries like Bangladesh and Vietnam, compared to 15.50 lakh bales in the previous year. Imports have also increased, reaching 16.40 lakh bales, up from 12.50 lakh bales in 2022-23. Closing stocks as of September 30, 2024, are estimated at 23.32 lakh bales, lower than the previous year's 28.90 lakh bales. Globally, the USDA reported reduced cotton production, consumption, and ending stocks for 2024/25. U.S. production was revised down to 14.5 million bales, mainly due to lower yields in upland cotton. Global production was cut by 1.2 million bales, primarily due to smaller crops in India, Pakistan, and the U.S., while world consumption was reduced by 460,000 bales. Technically, the market is under short covering, with open interest dropping by 5.56% to 102, while prices rose Rs.130. Immediate support for cotton is at Rs.58,280, with further downside testing at Rs.58,150. Resistance is expected at Rs.58,520, and a break above could push prices toward Rs.58,630.

BUY COTTONCANDY SEP @ 58200 SL 57800 TGT 58600-58800. MCX

 

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