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2025-03-17 10:45:59 am | Source: Kedia Advisory
Sell Cocudakl Apr @ 2735 SL 2760 TGT 2700-2680. NCDEX - Kedia Advisory
Sell Cocudakl Apr @ 2735 SL 2760 TGT 2700-2680. NCDEX - Kedia Advisory

Cottoncandy

Cottoncandy prices edged up by 0.15% to settle at Rs.52,870, supported by supply concerns after the Cotton Association of India (CAI) revised its 2024-25 crop estimate down by 2% to 295.30 lakh bales, reflecting lower yields in central India. This marks a notable drop from last season's 327.45 lakh bales, driven by a 10% decline in cultivation area. The government also trimmed its projection to 294.25 lakh bales, signaling tighter domestic supply. Imports are projected to double to 32 lakh bales for the 2024-25 season, up from 15.20 lakh bales last year, with 22 lakh bales already imported by February-end. Despite stable domestic consumption estimates of 315 lakh bales, exports are forecasted to drop by 40% to 17 lakh bales, contributing to lower closing stocks of 23.49 lakh bales - down from 30.19 lakh bales last season. However, mill buying remains limited due to sufficient existing stocks, capping price surges. Globally, Brazil’s cotton production is set to rise 1.6% to 3.7616 million tons, with a 4.8% expansion in planting area, boosting supply prospects. Meanwhile, the U.S. balance sheet saw minimal adjustments, with a slight reduction in domestic mill use and higher ending stocks. Technically, Cottoncandy is under short covering, with open interest down by 2.03% to 241 contracts. Support lies at Rs.52,780, with a break potentially testing Rs.52,680. Resistance is at Rs.52,990, and a push higher could see prices challenge Rs.53,100.

BUY COTTONCANDY MAR @ 52600 SL 52300 TGT 52900-53200. MCX

 

COCUDAKL

SELL COCUDAKL APR @ 2735 SL 2760 TGT 2700-2680. NCDEX

 

KAPAS

BUY KAPAS APR @ 1445 SL 1435 TGT 1455-1465. NCDEX

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