Buy Kapas Apr @ 1455 SL 1445 TGT 1465-1475. NCDEX - Kedia Advisory
Cottoncandy
BUY COTTONCANDY MAR @ 53400 SL 53100 TGT 53800-54100. MCX
Cottoncandy prices declined by 0.41% to settle at 53,510 due to increased supply and weak mill buying. Mills are well-stocked, reducing their immediate purchasing needs. Brazil’s cotton production for 2024-25 is expected to rise by 1.6% to 3.7616 million tons, with a 4.8% expansion in planting area, signaling ample global supply. Additionally, the Cotton Corporation of India (CCI) is expected to procure over 100 lakh bales at the Minimum Support Price (MSP) this season. The Cotton Association of India (CAI) estimates India’s cotton output for 2024-25 at 301.75 lakh bales, down from 327.45 lakh bales in the previous season, primarily due to lower yields in Gujarat, Punjab, and Haryana. As of January 2025, total cotton supply stood at 234.26 lakh bales, including 188.07 lakh bales of fresh pressings, 16 lakh bales of imports, and an opening stock of 30.19 lakh bales. Estimated cotton consumption till January 2025 is 114 lakh bales, with exports at 8 lakh bales, while ending stocks are at 112.26 lakh bales. The CAI maintained its domestic consumption projection at 315 lakh bales, with export estimates for 2024-25 at 17 lakh bales, lower than the previous season’s 28.36 lakh bales. Technically, the market is witnessing long liquidation, with open interest remaining unchanged at 253. Prices are supported at 53,200, with a potential test at the 52800 level, while resistance is also at 53,860, and a move above could push prices to the 54200 level.
COCUDAKL
BUY COCUDAKL MAR @ 2620 SL 2580 TGT 2660-2690. NCDEX
KAPAS
BUY KAPAS APR @ 1455 SL 1445 TGT 1465-1475. NCDEX
COTWASOIL
SELL COTWASOIL MAR @ 1305 SL 1315 TGT 1295-1285. NCDEX
