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Cottoncandy 

CottonCandy prices edged up by 0.05% to Rs.55,390 due to profit booking after earlier gains driven by robust demand from garment industries and export orders. India's cotton production for 2024/25 is projected to decline by 7.4% to 30.2 million bales, attributed to reduced acreage and crop damage from excessive rainfall. The USDA revised its forecast for India's cotton production to 30.72 million bales, lowering ending stocks to 12.38 million bales. India's cotton acreage has declined by 9%, with farmers shifting to groundnuts in states like Gujarat for better profitability. The Cotton Association of India (CAI) expects imports to increase to 2.5 million bales in 2024/25, compared to 1.75 million bales last year, while exports are likely to fall to 1.8 million bales, down from 2.85 million bales. Steady domestic demand of 31.3 million bales is anticipated. Globally, cotton production is expected to rise in China, Brazil, and Argentina, balancing reductions in the US and Spain. The USDA projects world ending stocks for 2024/25 at 76.3 million bales. In the U.S., production estimates have been lowered to 14.2 million bales, reflecting hurricane damage, while exports have been reduced by 300,000 bales to 11.5 million, and ending stocks increased slightly to 4.1 million bales. The market saw fresh buying with open interest rising by 4.35% to 288 contracts. CottonCandy has support at Rs.55,340, with further downside testing possible at Rs.55,280. Resistance is seen at Rs.55,430, with a potential move to Rs.55,460 on sustained buying momentum.

BUY COTTONCANDY JAN @ 55200 SL 54800 TGT 55600-55900. MCX

Cocudakl

BUY COCUDAKL DEC @ 2670 SL 2630 TGT 2720-2750. NCDEX

Kapas

BUY KAPAS APR @ 1520 SL 1510 TGT 1530-1540. NCDEX