Sell Cottoncandy MAR @ 61500 SL 61800 TGT 60700-60300. MCX - Kedia Advisory
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Cotton candy
Cotton candy prices experienced a decline of -0.81% yesterday, settling at 61480, primarily driven by increased crop production forecasts by the Cotton Corporation of India (CCPC) for the current season. The upward revision in crop production expectations, coupled with lower demand from mills, exerted downward pressure on ICE prices for cotton. Additionally, Cotton Australia raised its production estimate for the year, further adding to supply expectations. In the U.S., cotton production forecasts for the current season were lowered based on recent reports, leading to reduced ending stocks projections. However, global cotton supply and demand estimates for 2023/24 showed higher production, consumption, and trade, but lower ending stocks. Despite lower stocks, the Southern India Mills' Association (SIMA) cautioned against panic buying, noting recent price hikes in the domestic market. Increased capacity utilization at mills and rising export contracts indicate strong demand, although concerns over domestic prices nearing international levels may impact export demand in the future. Technically, the cotton candy market observed long liquidation, with open interest remaining unchanged. Despite this, prices declined by -500 rupees. Currently, cotton candy finds support at 61200, with a potential downside test of 60910. Resistance is expected at 61900, with a breakout possibly leading to a test of 62310.
SELL COTTONCANDY MAR @ 61500 SL 61800 TGT 60700-60300. MCX
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