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03-12-2024 09:41 AM | Source: Kedia Advisory
Sell Cotwasoil Dec @ 1240 SL 1250 TGT 1230-1220. NCDEX - Kedia Advisory

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COTTONCANDY

Cottoncandy prices dropped by 0.45% to settle at ?55,550, driven by profit booking despite robust demand signals from the garment and export sectors. India's cotton production in the 2024/25 season is projected to decline by 7.4% to 30.2 million bales, attributed to reduced acreage and crop damage from excessive rainfall. USDA has revised India's cotton production forecast to 30.72 million bales while lowering ending stocks to 12.38 million bales. Conversely, global cotton production is expected to rise slightly, with higher output in China, Brazil, and Argentina compensating for reductions in the U.S. and Spain. India’s cotton acreage has reduced by 9% to 11.29 million hectares as farmers in Gujarat shifted to groundnut cultivation for better returns. Lower domestic production is likely to impact exports, projected to decline to 1.8 million bales from 2.85 million bales a year ago, while imports may rise to 2.5 million bales. Domestically, cotton demand is expected to remain steady at 31.3 million bales. Globally, weaker import demand and production challenges in the U.S. have reduced the country’s export forecast by 300,000 bales to 11.5 million bales, reflecting broader global trade adjustments. The market is under fresh selling pressure, as evidenced by a 1.09% rise in open interest to 278 contracts, while prices declined by ?250. Immediate support for Cottoncandy is at ?55,360, with a potential test at ?55,160 if breached. Resistance is now at ?55,850, and a move above this level could push prices toward ?56,140.

BUY COTTONCANDY JAN @ 55300 SL 55000 TGT 55700-56000. MCX

 

COCUDAKL

BUY COCUDAKL DEC @ 2650 SL 2620 TGT 2690-2720. NCDEX

 

KAPAS

BUY KAPAS APR @ 1520 SL 1510 TGT 1530-1540. NCDEX

 

COTWASOIL

SELL COTWASOIL DEC @ 1240 SL 1250 TGT 1230-1220. NCDEX

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