IGI Logo

Cottoncandy

Cottoncandy prices rose marginally by 0.05% to Rs.55,660, supported by stronger demand from garment industries and robust export orders. India's cotton production for the 2024/25 season is projected to decline by 7.4% to 30.2 million bales due to reduced acreage and crop damage from excessive rainfall. The USDA has also revised India’s production forecast to 30.72 million bales, citing pest issues and weather-related losses, while ending stocks are estimated at 12.38 million bales. Declining production is expected to curtail exports, estimated at 1.8 million bales, compared to 2.85 million bales last year, while imports are likely to increase to 2.5 million bales, up from 1.75 million bales. Globally, cotton production is forecast to rise by over 200,000 bales, driven by gains in China, Brazil, and Argentina, which offset declines in the U.S. and Spain. World trade estimates have been reduced by 500,000 bales, largely due to lower Chinese imports, while global ending stocks are projected at 76.3 million bales, slightly lower than earlier estimates. The market witnessed short covering, with no change in open interest, settling at 288 contracts. Prices rose by Rs.30, indicating modest buying interest. Cottoncandy finds immediate support at Rs.55,440, with a decline below this level potentially testing Rs.55,230. Resistance is expected at Rs.55,880, with a move above likely pushing prices to Rs.56,110.

BUY COTTONCANDY JAN @ 55400 SL 55100 TGT 55800-56000. MCX

Cocudakl

BUY COCUDAKL DEC @ 2710 SL 2680 TGT 2740-2760. NCDEX

Kapas

BUY KAPAS APR @ 1525 SL 1515 TGT 1535-1545. NCDEX