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Cottoncandy 

Cotton candy prices experienced a decline of -0.42% yesterday, settling at 62,220, primarily influenced by upward revisions in cotton production estimates by key organizations such as the Cotton Association of India (CAI) and the Cotton Corporation of India (CCI). CAI raised its cotton production estimate for the current season to 309.70 lakh bales, while CCI reported procurement of 32.81 lakh bales so far this season. Additionally, the Southern India Mills’ Association (SIMA) urged textile mills to refrain from panic buying amidst a recent surge in cotton prices. Increased supply expectations globally, including higher production estimates in India and Australia, contributed to the downward pressure on cotton prices. However, despite higher global production and trade, ending stocks are projected to be lower, indicating potential tightening of supply-demand dynamics. On the technical front, the cotton candy market witnessed fresh selling, with a 1.62% increase in open interest, settling at 439 contracts. Prices declined by -260 rupees. Currently, cotton candy is finding support at 62,100, with further support at 61,990 levels. Resistance is anticipated at 62,360, with a potential move above leading to testing 62,510 levels. Overall, cotton candy prices reflect a combination of factors including production estimates, demand-supply dynamics, and market sentiment. While increased supply expectations weigh on prices, concerns over tightening ending stocks could provide support in the near term. Market participants remain cautious amidst fluctuations in global production and consumption patterns, closely monitoring both domestic and international developments in the cotton market.

SELL COTTONCANDY MAY @ 62400 SL 62800 TGT 62000-61700. MCX

COCUDAKL

BUY COCUDAKL APR @ 2600 SL 2570 TGT 2650-2680. NCDEX

KAPAS 

BUY KAPAS APR @ 1530 SL 1520 TGT 1550-1560. NCDEX