Sell Cocudakl Aug @ 3040 SL 3080 TGT 2980-2940. NCDEX - Kedia Advisory
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Cotton
Cotton prices declined by 0.33% to settle at 57,790 as expectations of favorable weather conditions in key growing regions are anticipated to boost supply. This downward trend is mitigated by delays in shipments from the US and Brazil, which has triggered increased demand for Indian cotton from neighboring mills. The firm trend in cottonseed prices is also providing some support to cotton prices, even as sowing for the kharif 2024 season has commenced in Karnataka, Telangana, and Andhra Pradesh with the onset of monsoon rains. The trade anticipates an increase in cotton acreage in Telangana, where some chili farmers are likely to switch to cotton due to the weak prices of chili. However, in North India, cotton acreage is expected to decline by about a quarter due to rising pest infestations and increasing labor costs. The 2024/25 U.S. cotton projections indicate higher beginning and ending stocks compared to last month. While production, domestic use, and exports remain unchanged, the season average upland farm price has decreased by 4 cents to 70 cents per pound due to a decline in new-crop cotton futures. Ending stocks are up by 400,000 bales to 4.1 million, or 28% of use. Globally, the 2024/25 cotton balance sheet shows increased beginning stocks, production, and consumption, with unchanged world trade. Consequently, world ending stocks are projected to be 480,000 bales higher at 83.5 million. Production forecasts are up by 90,000 bales due to higher area and yield in Burma. Consumption is up by 80,000 bales, with increases in Vietnam and Burma offsetting reductions elsewhere. In Rajkot, a major spot market, cotton prices ended at 27,619.55 Rupees, dropping by 0.48%. Technically, the market is under long liquidation, with open interest dropping by 2.17% to settle at 361, while prices decreased by 190 Rupees. Cotton is currently finding support at 57,730, with the potential to test 57,660 levels if this support is breached. Resistance is likely to be seen at 57,840, and a move above this level could see prices testing 57,880.
SELL COTTONCANDY JUL @ 58000 SL 58200 TGT 57600-57400. MCX
Cocudakl
SELL COCUDAKL AUG @ 3040 SL 3080 TGT 2980-2940. NCDEX
Kapas
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