IGI Logo

Cotton Candy

Cotton Candy prices edged up by 0.24% to close at ?54,860, driven by increased demand from garment industries and robust export orders for cotton yarn in South India. However, USDA's weekly export sales of upland cotton fell 47% from the prior week. India's cotton production for 2024/25 is projected to decline by 7.4% year-on-year to 30.2 million bales, primarily due to reduced planting areas and crop damage caused by excessive rainfall. The planted area dropped to 11.29 million hectares, compared to 12.69 million hectares in the previous year, as farmers shifted to more lucrative crops like groundnuts in Gujarat, India's leading cotton-producing state. India’s imports are expected to increase to 2.5 million bales from 1.75 million bales last year, while exports are likely to decline to 1.8 million bales from 2.85 million bales. Despite lower production, domestic demand is anticipated to remain steady at 31.3 million bales. Globally, cotton production for 2024/25 is forecast to rise to 117.4 million bales, driven by increases in India, Argentina, Benin, and Brazil. Consumption is also projected higher at 570,000 bales, particularly in India, Pakistan, and Vietnam. Ending stocks globally are expected to grow by 267,000 bales, with notable increases in the U.S., Argentina, and Pakistan. The market witnessed fresh buying interest as open interest increased by 0.62% to settle at 324 contracts. Prices are supported at Rs.54,830, with further support at Rs.54,810. Resistance lies at Rs.54,890, and a move above could lead to testing Rs.54,930.

BUY COTTONCANDY JAN @ 54600 SL 54300 TGT 54900-55200. MCX

Cocudakl

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

Kapas

BUY KAPAS APR @ 1510 SL 1495 TGT 1525-1535. NCDEX