Sell Cotton candy May 57600 SL 58000 TGT 57200-56800. MCX - Kedia Advisory
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Cotton candy
Cotton candy prices experienced a marginal decline of -0.03% yesterday, settling at 57580, largely influenced by prospects of improved crop yields, particularly in countries like Australia. The International Cotton Advisory Committee (ICAC) projected a positive outlook for the 2024-25 cotton season, foreseeing increases in cotton-producing area, production, consumption, and trade. Notably, the ICAC anticipates a 3% expansion in the cotton-producing area, reaching 32.85 million hectares, with production expected to rise by over 2.5% to 25.22 million tonnes. Consumption and global cotton trade are also forecasted to increase by 2.9% and nearly 4%, respectively. In India, the Cotton Association of India (CAI) and the Cotton Corporation of India (CCI) revised upwards their production estimates for the current season, indicating a potential surplus. However, expectations of a 2% decrease in cotton acreage for the upcoming season due to farmers shifting to higher-return crops may mitigate some of this surplus. Internationally, India and China's cotton production and import dynamics are pivotal. India's estimated decrease in cotton production for MY 2024/25, coupled with higher mill consumption and imports, underscores shifting market dynamics. Similarly, China's forecasted increase in cotton imports for the same period reflects rising domestic and international demand for textile and apparel products. Technically, the cotton candy market witnessed fresh selling, with a modest gain in open interest by 0.98%, settling at 411, alongside a price decline of -20 rupees. Key support levels are identified at 57140, with potential downside testing at 56710, while resistance is anticipated at 58000, with a potential breakout leading to a test of 58430. Traders should closely monitor these levels amidst evolving supply-demand dynamics and global production trends for potential trading opportunities.
SELL COTTONCANDY MAY @ 57600 SL 58000 TGT 57200-56800. MCX
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