IGI Logo

Cottoncandy 

Cotton candy prices experienced a slight decline of -0.13%, settling at 62000, driven by factors such as upward revisions in production estimates by key organizations like the Cotton Association of India (CAI) and Cotton Corporation of India (CCI). Both CAI and CCPC raised their crop production estimates for the current season, contributing to increased supply expectations for the natural fiber. Additionally, Cotton Australia's upward revision of production estimates further added to the oversupply concerns, exerting downward pressure on prices. Internationally, the US witnessed lower production and ending stocks projections for the current cotton season, while global supply and demand estimates for 2023/24 indicated higher production, consumption, and trade, albeit with lower ending stocks. The Southern India Mills’ Association (SIMA) cautioned textile mills against panic-buying, noting recent price hikes in domestic cotton prices. This increase in prices prompted concerns about decreased demand for exports as domestic prices approach international levels. Technically, the cotton candy market underwent long liquidation, evidenced by a drop in open interest by -2.06% alongside a price decrease of -80 rupees. Support levels are identified at 61820, potentially testing 61640, while resistance lies at 62200, with a potential breakthrough targeting 62400. These technical parameters offer crucial insights for traders, indicating potential entry and exit points amidst evolving market conditions. Traders remain vigilant of supply-demand dynamics and technical indicators to navigate price movements and identify strategic opportunities in the cotton market.

SELL COTTONCANDY MAY @ 62200 SL 62500 TGT 61800-61500. MCX

COCUDAKL 

BUY COCUDAKL APR @ 2530 SL 2490 TGT 2580-2620. NCDEX

KAPAS 

BUY KAPAS APR @ 1515 SL 1500 TGT 1530-1545. NCDEX