Buy Kapas APR @ 1565 SL 1545 TGT 1585-1605. NCDEX - Kedia Advisory
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Cotton
Cottoncandy settled unchanged at 56900 due to factors impacting India's cotton production, with a projected 7.5% decline in 2023/24 to 29.5 million bales. El Nino weather and reduced planting areas are contributing to the decrease. The Cotton Association of India (CAI) anticipates increased imports to 2.2 million bales, up from 1.25 million bales last year. The USDA's October WASDE report notes lower U.S. production at 12.8 million bales for 2023/24. Brazil is expected to surpass the U.S. in cotton production and exports. Australia's cotton exports to China surged in August to 61,319 metric tons, valued at $130 million. CAI's final estimate for India's 2022-23 cotton crop production is 31.8 million bales, slightly higher than the July estimate of 31.1 million bales. India's overall cotton production for the 2023-2024 season is projected to be between 330 lakh and 340 lakh bales. In the Rajkot spot market, cotton prices ended at 26908 Rupees, down by -0.2%. Technically, Cottoncandy is under long liquidation, with open interest remaining unchanged at 103 and prices at 56900. Support is identified at 56600, with a potential test of 56300 if breached, while resistance is likely at 57200, with a move above potentially testing 57500.
BUY COTTONCANDY NOV @ 56800 SL 56500 TGT 57200-57400. MCX
Cocudakl
SELL COCUDAKL DEC @ 2880 SL 2940 TGT 2820-2760. NCDEX
Kapas
BUY KAPAS APR @ 1565 SL 1545 TGT 1585-1605. NCDEX
