SELL COCUDAKL JUN @ 3060 SL 3090 TGT 3020-2990. NCDEX - Kedia Advisory
Cottoncandy
Cottoncandy futures fell by 0.56% to close at ?53,300 amid long liquidation pressure, as open interest declined by 2.7% to 72 lots. The price drop reflects bearish sentiment triggered by a marginal upward revision in India's cotton production estimates for the 2024–25 season. The Cotton Association of India (CAI) raised the output forecast to 291.35 lakh bales from 291.30 lakh bales, mainly due to improved yields in Odisha. Despite the production uptick, overall market fundamentals remain sluggish. CAI cut its domestic consumption forecast by 8 lakh bales to 307 lakh bales, suggesting weaker demand from the textile sector. Furthermore, cotton exports were lowered to 15 lakh bales, significantly down from last season’s 28.36 lakh bales, signaling waning overseas demand. On the import front, figures remain elevated at 33 lakh bales, with 27.5 lakh already imported by April — more than double last year’s volume. Consequently, ending stocks are projected to rise to 32.54 lakh bales by September 30, 2025, compared to 30.19 lakh bales last year, reflecting a more relaxed supply situation. Globally, the U.S. cotton balance sheet showed minor adjustments: exports reduced by 100,000 bales to 10.9 million, while ending stocks were increased to 5 million bales. The world cotton outlook also saw a drop in mill use, production, and trade, while ending stocks were revised higher. Technically, Cottoncandy finds support at Rs 52,870, and a break below could drag prices to Rs 52,450. Resistance is expected at Rs 53,850, with potential to test Rs 54,410 if momentum reverses
SELL COTTONCANDY JUL @ 53500 SL 53800 TGT 53200-52900. MCX
COCUDAKL
SELL COCUDAKL JUN @ 3060 SL 3090 TGT 3020-2990. NCDEX
KAPAS
SELL KAPAS APR @ 1595 SL 1605 TGT 1585-1575. NCDEX
