Buy COTWASOIL Dec @ 1240 SL 1230 TGT 1250-1260. NCDEX - Kedia Advisory
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Cotton candy
Cotton candy prices fell by 0.52% to Rs.55,910, driven by sluggish demand in yarn markets and payment constraints. India's cotton production for 2024/25 is projected to decline by 7.4% to 30.2 million bales due to lower acreage and excessive rainfall that damaged crops. USDA estimates a slightly higher production figure of 30.72 million bales but reduced ending stocks to 12.38 million bales. The planted area fell significantly to 11.29 million hectares from 12.69 million hectares in the previous year, largely due to farmers shifting to groundnut cultivation in Gujarat for better returns. India’s cotton imports are expected to rise to 2.5 million bales, while exports may drop to 1.8 million bales, compared to 2.85 million bales last year. Domestic demand is anticipated to remain steady at 31.3 million bales. Globally, cotton production for 2024/25 is projected to increase slightly, with higher outputs in China, Brazil, and Argentina offsetting declines in the U.S. and Spain. However, global trade is expected to fall by over 500,000 bales due to weaker import demand, particularly from China. World ending stocks are forecasted at 76.3 million bales. The cotton candy market witnessed fresh selling, with a 9.25% rise in open interest to 248 contracts. Immediate support is at Rs.55,700, with further downside possible to Rs.55,500. Resistance is pegged at Rs.56,100, and a move above this could see prices test Rs.56,300.
BUY COTTONCANDY JAN @ 55500 SL 55200 TGT 56000-56300. MCX
COCUDAKL
BUY COCUDAKL DEC @ 2700 SL 2650 TGT 2750-2780. NCDEX
KAPAS
BUY KAPAS APR @ 1530 SL 1515 TGT 1545-1555. NCDEX
COTWASOIL
BUY COTWASOIL DEC @ 1240 SL 1230 TGT 1250-1260. NCDEX
