13-11-2024 09:55 AM | Source: Kedia Advisory
BUY KAPAS APR @ 1560 SL 1550 TGT 1575-1585. NCDEX - Kedia Advisory

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COTTONCANDY

Cottoncandy prices fell by -0.5% to settle at 55,680, influenced by weak demand in yarn markets and ongoing payment constraints. India’s cotton production for the 2024/25 season is projected to decrease by 7.4% to 30.2 million bales due to a reduction in planted area and crop damage from excessive rainfall. The USDA has also lowered its forecast for India’s cotton production to 30.72 million bales, with ending stocks reduced to 12.38 million bales, while raising global production estimates by over 200,000 bales, with increases in China, Brazil, and Argentina offsetting decreases in the U.S. and Spain. This has affected the export landscape; India's cotton exports are expected to fall to 1.8 million bales from last year’s 2.85 million, while imports may rise to 2.5 million bales, supporting global prices. The U.S. cotton balance sheet for 2024/25 shows lower production, mill use, and exports, with production reduced by over 300,000 bales to 14.2 million due to Hurricane Helene. Global trade forecasts have also been revised down by over 500,000 bales, mainly from reduced Chinese imports, while global ending stocks are slightly down to 76.3 million bales. In Rajkot’s spot market, prices dropped by -0.19% to 26,299.2 rupees. Technically, Cottoncandy is under long liquidation, with open interest dropping by 1.17% to 169 contracts as prices fell by 280 rupees. Key support is now at 55,550, with the next level at 55,420, while resistance is observed at 55,860. A break above this resistance could see prices testing 56,040, although short-term market conditions remain challenging due to weak demand and production concerns.

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

 

COCUDAKL

BUY COCUDAKL DEC @ 2920 SL 2870 TGT 2980-3020. NCDEX

 

KAPAS

BUY KAPAS APR @ 1560 SL 1550 TGT 1575-1585. NCDEX

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