Buy Kapas APR @ 1545 SL 1530 TGT 1565-1580. NCDEX - Kedia Advisory
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COTTON
Cotton prices declined by -0.8% due to concerns over Chinese demand during the ongoing harvest season. India anticipates a 7.5% decline in cotton production in 2023/24 due to reduced planting and El Nino weather conditions. The Cotton Association of India (CAI) expects higher imports for this year. USDA reported a decrease in U.S. cotton production to 12.8 million bales for 2023/24, attributing it to reduced yields in Texas. Brazil's cotton production is predicted to surpass the U.S., potentially leading to greater exports. India's cotton production for the 2022-23 season was estimated by CAI at 31.8 million bales, higher than initial estimates but slightly lower than government estimates. The upcoming season may witness a production range of 330-340 lakh bales. In Rajkot, a significant market, cotton prices settled at 26908 Rupees, a drop of -0.2 percent. From a technical viewpoint, the cotton market experienced fresh selling, with a 4% increase in open interest and a price decrease of -460 rupees. Support for cotton stands at 56320, with a potential test at 55790 if breached, while resistance is likely at 57300. A move above this level could push prices to 57750.
BUY COTTONCANDY NOV @ 57000 SL 56700 TGT 57400-57600. MCX
Cocudakl
SELL COCUDAKL DEC @ 2880 SL 2940 TGT 2820-2760. NCDEX
Kapas
BUY KAPAS APR @ 1545 SL 1530 TGT 1565-1580. NCDEX
