Buy Kapas Apr @ 1500 SL 1485 TGT 1515-1525. NCDEX - Kedia Advisory
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Cottoncandy
Cottoncandy prices rose marginally by 0.09% to Rs.54,880, supported by increased cotton yarn demand in South India from garment industries and strong export orders. However, arrivals in North India, particularly in Punjab, Haryana, and Rajasthan, fell by 43% compared to the same period last year, creating supply chain challenges. Farmers are holding back kapas in anticipation of higher prices, causing raw material shortages for ginners and spinners, especially in Punjab. Globally, cotton production for the 2024-25 cotton year is projected to increase by 1.2 million bales to 117.4 million, driven by higher output in India, Argentina, and other countries. India’s cotton imports are estimated at 25 lakh bales for 2024-25, significantly higher than the previous season’s 15.20 lakh bales. U.S. cotton production is revised higher to 14.3 million bales, while global consumption is raised by 570,000 bales, led by increases in India, Pakistan, and Vietnam, offsetting a decline in China. World trade projections show slight growth due to increased exports from Brazil, Benin, Cameroon, and Senegal. Technically, the cottoncandy market is experiencing fresh buying, with open interest increasing by 5.5% to 422 contracts. Prices gained Rs.50, with immediate support at Rs.54,730 and potential downside to Rs.54,590. Resistance is observed at Rs.54,980, and a move above this level could test Rs.55,090.
BUY COTTONCANDY JAN @ 54700 SL 5400 TGT 55000-55300. MCX
Cocudakl
BUY COCUDAKL JAN @ 2740 SL 2700 TGT 2785-2810. NCDEX
Kapas
BUY KAPAS APR @ 1500 SL 1485 TGT 1515-1525. NCDEX
Cotwasoil
BUY COTWASOIL JAN @ 1215 SL 1205 TGT 1225-1235. NCDEX
