Sell Cottoncandy Jul @ 58500 SL 58800 TGT 58000-57800. MCX - Kedia Advisory
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Cottoncandy prices experienced a slight decline of -0.33% yesterday, settling at 58240, driven by profit booking following earlier gains. The market initially rose due to delays in shipments from major exporters like the US and Brazil, which boosted demand for Indian cotton from neighboring mills. This demand surge was further supported by a firm trend in cottonseed prices. Despite the onset of monsoon rains in southern states like Karnataka, Telangana, and Andhra Pradesh, signaling the beginning of the kharif 2024 season, cotton acreage dynamics are mixed. While Telangana is expected to see an increase in cotton planting, driven partly by shifts from chilli cultivation due to weak prices, North India faces challenges such as increased pest infestation and rising labor costs, potentially leading to a decrease in cotton acreage. Internationally, the 2024/25 U.S. cotton projections show higher beginning and ending stocks compared to previous forecasts, with production, domestic use, and exports remaining unchanged. The average upland farm price is down slightly to 70 cents per pound, influenced by declines in new-crop cotton futures. Globally, the 2024/25 cotton balance sheet reflects increased beginning stocks, production, and consumption, maintaining world trade levels. However, ending stocks are projected higher by 480,000 bales compared to May estimates, totaling 83.5 million bales. Production increases are noted in Burma, contributing to a rise in global production, while consumption sees boosts in Vietnam and Burma offsetting reductions elsewhere. In the Rajkot spot market, cotton prices closed at 27704.4 Rupees, marking a -0.24% decline. Technically, the market observed long liquidation with unchanged open interest, indicating a cautious sentiment among traders. Currently, support for Cottoncandy is seen at 58000, and a breach below could test 57750 levels, while resistance stands at 58500. A breakout above this resistance could push prices towards 58750.
SELL COTTONCANDY JUL @ 58500 SL 58800 TGT 58000-57800. MCX
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