Buy Kapas Apr @ 1540 SL 1520 TGT 1560-1570. NCDEX - Kedia Advisory
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Cottoncandy
Cotton candy prices surged by 0.87% to settle at 62520, driven by positive developments in both domestic and global markets. The Cotton Corporation of India (CCI) reported significant procurement of cotton, primarily from Telangana, Andhra Pradesh, and Maharashtra, signaling robust domestic demand. Additionally, the Cotton Association of India (CAI) revised its cotton production estimates upwards for the current season, projecting higher production levels than previously anticipated. This upward revision in production forecasts contributed to market optimism. Despite the positive domestic outlook, ICE prices experienced a decline due to increased supply expectations for cotton globally and lower demand from mills. However, Cotton Australia raised its production estimates, citing favorable weather conditions, further highlighting the mixed sentiments in the international market. In the U.S., cotton forecasts showed lower production and ending stocks, leading to projections of tighter supply conditions. On the domestic front, the Southern India Mills' Association (SIMA) cautioned against panic buying of cotton, noting recent price hikes and urging mills to exercise prudence. The increase in capacity utilization at mills and the surge in export contracts underscored the continued demand for Indian cotton in the international market. Technically, cotton candy witnessed short covering, with a decrease in open interest by -0.23% alongside a substantial price increase of 540 rupees. Currently, cotton candy finds support at 62080, with potential testing of 61650 levels below, while resistance is anticipated at 62780, with the possibility of prices reaching 63050 upon surpassing this level. This technical overview suggests a cautious yet optimistic sentiment in the cotton candy market, with traders closely monitoring supply-demand dynamics and international market trends for further price movements.
BUY COTTONCANDY MAY @ 62200 SL 61800 TGT 62600-62800. MCX
COCUDAKL
BUY COCUDAKL APR @ 2530 SL 2490 TGT 2580-2620. NCDEX
KAPAS
BUY KAPAS APR @ 1540 SL 1520 TGT 1560-1570. NCDEX
