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Cottoncandy

Cotton candy yesterday settled slightly lower by 0.07% at Rs.54,330, driven by reduced arrivals and a tightening supply chain. Global cotton production for the 2024-25 season is projected to rise by over 1.2 million bales to 117.4 million bales, driven primarily by higher production in India and Argentina. However, in North India’s key cotton-producing states - Punjab, Haryana, and Rajasthan - kapas arrivals have witnessed a sharp decline of 43% compared to the same period last year. Cotton yarn prices in South India have increased due to heightened demand from garment industries and strong export orders. Cotton Association of India (CAI) has maintained its cotton consumption estimate for the 2024-25 season at 313 lakh bales of 170 kg each. Additionally, imports for the 2024-25 season are expected to rise to 25 lakh bales, significantly higher than the previous year’s 15.20 lakh bales. The ongoing crop year has seen 9 lakh bales arrive at Indian ports up to November 30, 2024. On the global front, U.S. cotton production for 2024/25 is revised higher to nearly 14.3 million bales, with world production projected at 117.4 million bales, largely driven by a 1-million-bale increase for India. World consumption is expected to rise by 570,000 bales, with major increases in India, Pakistan, and Vietnam. Cotton candy is under fresh selling pressure, with open interest increasing by 1.63% to settle at 373. Support is observed at Rs.54,250, with the next potential level at Rs.54,170. Resistance is seen at Rs.54,440, and a move above could lead to prices testing Rs.54,550.

BUY COTTONCANDY JAN @ 54200 SL 54000 TGT 54400-54600. MCX

Cocudakl

BUY COCUDAKL JAN @ 2680 SL 2640 TGT 2720-2750. NCDEX

Kapas

BUY KAPAS APR @ 1490 SL 1475 TGT 1510-1520. NCDEX

Cotwasoil

BUY COTWASOIL JAN @ 1210 SL 1195 TGT 1230-1245. NCDEX

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