Sell Cottoncandy Jul @ 58300 SL 58600 TGT 57900-57600. MCX - Kedia Advisory
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Cottoncandy prices settled down by 0.29% at 58000 on expectations of favorable weather boosting supplies from key growing regions. Despite this, the downside was limited due to delayed shipments from the US and Brazil, which triggered demand for Indian cotton from mills in neighboring countries. A firm trend in cottonseed prices is also supporting cotton prices, even as sowing for the kharif 2024 season has begun in the southern states of Karnataka, Telangana, and Andhra Pradesh following 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 weak prices for chili. In North India, where cotton planting begins early from mid-April, acreage is expected to drop by about a fourth due to increased pest infestation in recent years and rising labor costs. For the 2024/25 US cotton projections, higher beginning and ending stocks are expected compared to the previous month, while projected production, domestic use, and exports remain unchanged. The 2024/25 season average upland farm price is down 4 cents from the May forecast to 70 cents per pound due to a decline in new-crop cotton futures. Ending stocks are projected to be 400,000 bales higher at 4.1 million, or 28% of use. The global 2024/25 cotton balance sheet shows increased beginning stocks, production, and consumption, with unchanged world trade, leading to projected world ending stocks being 480,000 bales higher than in May at 83.5 million. In Rajkot, a major spot market, the price ended at 27703.5 Rupees, gaining by 0.01 percent. Technically, the market is under long liquidation with a drop in open interest by 0.27% to settle at 369 while prices decreased by 170 rupees. Cottoncandy is getting support at 58000, and a move below this level could test 58000. Resistance is likely to be seen at 58000, and a move above could see prices testing 58000.
SELL COTTONCANDY JUL @ 58300 SL 58600 TGT 57900-57600. MCX
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