Buy Cotwasoil Jan @ 1210 SL 1195 TGT 1230-1245. NCDEX - Kedia Advisory
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Cotton candy
Cotton candy prices edged up 0.04% to settle at Rs.54,160, driven by rising cotton yarn demand from garment industries and robust export orders. However, domestic cotton arrivals in the northern Indian states of Punjab, Haryana, and Rajasthan have declined by 43% year-on-year as of November 30, 2024, impacting the supply chain. Farmers are reportedly holding back kapas (unginned cotton) in anticipation of better prices, leading to raw material shortages for ginners and spinners. India’s cotton production for the 2024-25 season is projected at 302.25 lakh bales of 170 kg each, with imports expected to rise to 25 lakh bales, a significant increase from the previous season. By November 30, 9 lakh bales had already arrived at Indian ports. The closing stock for September 2025 is estimated at 26.44 lakh bales, lower than last year's 30.19 lakh bales. Globally, cotton production for 2024/25 is projected at 117.4 million bales, driven by higher output in India, Argentina, and Brazil. Consumption is estimated to rise by 570,000 bales, with increased demand in India, Pakistan, and Vietnam offsetting a decline in China. World ending stocks are raised by 267,000 bales, while beginning stocks are reduced by 428,000 bales. Technically, the cotton candy market saw short covering, with open interest dropping 0.27% to 367 contracts. Prices found support at Rs.53,260, with a potential downside to Rs.52,350. Resistance is likely at Rs.55,540, and a breakout above this level could test Rs.56,910, supported by demand recovery and mixed supply dynamics.
BUY COTTONCANDY JAN @ 54000 SL 53700 TGT 54400-54600. MCX
COCUDAKL
BUY COCUDAKL JAN @ 2650 SL 2610 TGT 2700-2740. NCDEX
KAPAS
BUY KAPAS APR @ 1480 SL 1465 TGT 1495-1505. NCDEX
COTWASOIL
BUY COTWASOIL JAN @ 1210 SL 1195 TGT 1230-1245. NCDEX
