Buy Kapas APR @ 1605 SL 1590 TGT 1630-1640. NCDEX - Kedia Advisory
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Cotton
Cottoncandy saw a 0.66% increase, closing at 58,200, following the USDA's October WASDE report, which reduced U.S. cotton production in 2023/24 to 12.8 million bales due to lower yields in Texas. Brazil is expected to surpass the U.S. in cotton production, nearly overtaking U.S. cotton exports for the first time since the 19th century. Australia's cotton exports to China spiked to 61,319 metric tons worth $130 million in August, benefiting from improved trade relations. The Cotton Association of India (CAI) revised its crop production estimate for the 2022-23 season to 31.8 million bales, up from the initial estimate of 34.4 million bales. However, this remains below the government's estimate of 34.3 million bales for the season. The 2023-24 season in India is projected to yield 330-340 lakh bales. Cotton production in Telangana decreased due to unfavorable seasonal conditions, while cotton picking is expected to gain momentum in November. The market in Rajkot closed at 27,445 Rupees, with a slight gain of 0.04%. Technically, the market is experiencing fresh buying with a 0.93% increase in open interest. Cottoncandy's price is up by 380 rupees. Support is at 58,200, while resistance is expected at the same level.
BUY COTTONCANDY NOV @ 58000 SL 57700 TGT 58300-58500. MCX
Cocudakl
SELL COCUDAKL DEC @ 2820 SL 2880 TGT 2740-2700. NCDEX
Kapas
BUY KAPAS APR @ 1605 SL 1590 TGT 1630-1640. NCDEX
