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Cottoncandy

Cottoncandy prices rose by 0.2% to Rs.54,440, supported by increasing cotton yarn demand from garment industries and robust export orders. Global cotton production for 2024-25 is projected at 117.4 million bales, with higher outputs from India and Argentina. However, a 43% decline in kapas arrivals in Punjab, Haryana, and Rajasthan till November 30 compared to last year has raised supply concerns. Farmers are holding back produce, anticipating better prices, which has led to raw material shortages for ginners and spinners, particularly in Punjab. India’s cotton consumption for 2024-25 remains steady at 313 lakh bales, while pressing estimates are unchanged at 302.25 lakh bales. Cotton imports for 2024-25 are projected to increase to 25 lakh bales, a significant rise from 15.20 lakh bales last year, with about 9 lakh bales arriving at Indian ports by November 30. The closing stock for 2024-25 is expected to decline to 26.44 lakh bales, down from 30.19 lakh bales the previous year. On the global front, U.S. cotton production is revised higher to 14.3 million bales, while world production is up 1.2 million bales due to larger crops in India, Argentina, and Brazil. Consumption forecasts have increased by 570,000 bales, driven by India, Pakistan, and Vietnam, while world trade and ending stocks also see slight increases. The market witnessed fresh buying, with open interest rising by 1.07% to 377 contracts. Cottoncandy prices are supported at Rs.54,360, with further support at Rs.54,280. Resistance is seen at Rs.54,520, and a breach above could push prices to Rs.54,600.

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

Cocudakl

BUY COCUDAKL JAN @ 2700 SL 2660 TGT 2740-2770. NCDEX

Kapas

BUY KAPAS APR @ 1500 SL 1485 TGT 1515-1525. NCDEX

Cotwasoil

SELL COTWASOIL JAN @ 1210 SL 1220 TGT 1200-1190. NCDEX