SELL COCUDAKL JUN @ 2990 SL 3020 TGT 2960-2940. NCDEX - Kedia Advisory
Cottoncandy
Cottoncandy prices edged lower by 0.48% to ?53,470, weighed down by profit booking after recent gains spurred by lower domestic crop projections. The Cotton Association of India (CAI) has revised its production forecast for the 2024–25 season downward by 4 lakh bales to 291.30 lakh bales of 170 kg each, mainly due to reduced output in Maharashtra. This cut in estimates follows input from state member associations and reflects tighter supply conditions ahead. Total cotton supply until the end of March, including imports and opening stocks, is estimated at 306.83 lakh bales. Imports are seen rising sharply to 33 lakh bales from 15.20 lakh bales last year, with 25 lakh bales already arriving by March. This significant jump reflects the gap created by declining domestic output, even as consumption remains flat. On the export front, CAI forecasts a decline to 16 lakh bales from last year’s 28.36 lakh bales, indicating subdued global demand and less competitive Indian cotton. Closing stock for the 2024–25 season is also projected lower at 23.49 lakh bales, down from 30.19 lakh bales last year, adding to the tightening domestic outlook. Globally, the U.S. has reduced its export estimates and raised ending stocks by 100,000 bales. Technically, the market is under long liquidation with a sharp 22.48% drop in open interest to 100. Immediate support lies at Rs 53,000, with a break below potentially testing Rs 52,520. Resistance is seen at Rs 53,930, and a move above this may lead prices toward Rs 54,380.
SELL COTTONCANDY MAY @ 53000 SL 53300 TGT 52700-52500. MCX
COCUDAKL
SELL COCUDAKL JUN @ 2990 SL 3020 TGT 2960-2940. NCDEX
KAPAS
SELL KAPAS APR @ 1575 SL 1585 TGT 1565-1555. NCDEX
