Sell Cottoncandy Sep @ 56800 SL 57000 TGT 56400-56200. MCX - Kedia Advisory
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Cottoncandy
Cotton candy prices fell by 0.18%, settling at 56,550 due to profit booking after recent gains. The decline is attributed to a significant reduction in cotton planting area in key regions. This year, the cotton acreage in Punjab, Haryana, and Rajasthan has dropped markedly from last year's 16 lakh hectares to 10.23 lakh hectares. Specifically, Punjab saw a reduction to 97,000 hectares from a typical 7.58 lakh hectares, Rajasthan's cotton area decreased to 4.75 lakh hectares from 8.35 lakh hectares, and Haryana's area shrank to 4.50 lakh hectares from 5.75 lakh hectares. The drop in cotton acreage is contributing to tighter supplies, which is supporting prices. Additionally, delays in cotton shipments from the US and Brazil have heightened demand for Indian cotton from mills in neighboring countries. Firm cottonseed prices are also sustaining cotton prices, even as sowing for the kharif 2024 season begins in southern states like Karnataka, Telangana, and Andhra Pradesh, which have started receiving monsoon rains. For the 2024/25 season, US cotton projections show higher beginning and ending stocks compared to last month, with an increase of 400,000 bales in ending stocks to 4.1 million bales, or 28% of use. In Rajkot, a major spot market, prices ended at 27,322.3 rupees, down by 0.51%. Technically, the market is under fresh selling pressure, evidenced by a 155.38% increase in open interest to 166 contracts, while prices have dropped by 100 rupees. Cotton candy is currently supported at 56,170, with further support at 55,790. Resistance is expected at 56,960, with a move above this level potentially testing 57,370.
SELL COTTONCANDY SEP @ 56800 SL 57000 TGT 56400-56200. MCX
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