Buy Kapas Apr @ 1470 SL 1460 TGT 1480-1490. NCDEX - Kedia Advisory
Cottoncandy
BUY COTTONCANDY MAR @ 53600 SL 53300 TGT 53900-54200. MCX
Cottoncandy inched up by 0.07% to Rs.53,740, supported by a reduction in Brazil's cotton production forecast to 3.79 million tonnes due to lower planted acreage in Mato Grosso. However, higher global cotton production, as per the WASDE report, added to the downward pressure on prices. The Cotton Association of India (CAI) revised India’s 2024-25 cotton crop estimate upwards by 2 lakh bales, bringing the total output to 304.25 lakh bales of 170 kg each. Despite this, North Indian states witnessed a sharp 43% drop in kapas arrivals till November 30, leading to concerns across the supply chain, with farmers holding stocks for better prices while ginners and spinners face raw material shortages. Telangana’s production is now projected at 42 lakh bales, an increase of 6 lakh bales, while North India’s output is expected to decline by 3.5 lakh bales. Total supplies till December-end were estimated at 176.04 lakh bales, including 133.85 lakh bales of pressing figures, 12 lakh bales of imports, and 30.19 lakh bales of opening stock. Meanwhile, consumption has been revised upward by 2 lakh bales to 315 lakh bales, driven by stronger demand from the textile industry. Technically, the market is under short covering, with open interest remaining unchanged at 260 contracts. Support is at Rs.53,670, with a break below potentially testing Rs.53,610. Resistance is at Rs.53,820, and a move above this level could push prices toward Rs.53,910.
Cocudakl
BUY COCUDAKL FEB @ 2660 SL 2620 TGT 2700-2730. NCDEX
Kapas
BUY KAPAS APR @ 1470 SL 1460 TGT 1480-1490. NCDEX
Cotwasoil
SELL COTWASOIL FEB @ 1240 SL 1250 TGT 1230-1220. NCDEX
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