Sell Cocudakl Jun @ 2980 SL 3020 TGT 2940-2900. NCDEX - Kedia Advisory
COTTONCANDY
Cottoncandy prices edged higher by 0.31% to settle at Rs.54,150, driven by concerns over tightening domestic supply. The Cotton Association of India (CAI) has revised its crop output estimates downward by 4 lakh bales to 291.30 lakh bales of 170 kg each, citing lower production in Maharashtra. This downward revision reflects inputs gathered from state associations up to the end of March. Total cotton supply till March—including imports—was estimated at 306.83 lakh bales, with imports alone accounting for 25 lakh bales. The stockpile at the end of March was pegged at 127.83 lakh bales, of which 27 lakh were held by mills and 100.83 lakh by the Cotton Corporation of India (CCI), Maharashtra Federation, and traders. The export outlook has also dimmed, with the 2024–25 season’s exports estimated at just 16 lakh bales, a sharp decline from the previous year’s 28.36 lakh bales. Conversely, imports are expected to more than double to 33 lakh bales as domestic production continues to shrink, prompting an upward revision from CAI's earlier projection of 30 lakh bales. Globally, the U.S. cotton balance sheet reflected a 100,000-bale reduction in exports and a matching increase in ending stocks, keeping the farm price stable at 63 cents/lb. Technically, the market is undergoing short covering with unchanged open interest at 241 and a price increase of Rs.170. Immediate support lies at Rs.53,550, with deeper support at Rs.52,940, while resistance is seen at Rs.54,760, and a break above could push prices toward Rs.55,360.
SELL COTTONCANDY MAY @ 53800 SL 54100 TGT 53500-53300. MCX
COCUDAKL
SELL COCUDAKL JUN @ 2980 SL 3020 TGT 2940-2900. NCDEX
KAPAS
SELL KAPAS APR @ 1595 SL 1605 TGT 1585-1575. NCDEX
