SELL KAPAS APR @ 1585 SL 1595 TGT 1575-1565. NCDEX - Kedia Advisory
Cottoncandy
Cottoncandy prices edged higher by 0.13% to settle at 54,670, supported by concerns over tightening domestic supply and lower crop projections. The Cotton Association of India (CAI) has revised its estimate for India’s 2024-25 cotton output downward by 4 lakh bales to 291.30 lakh bales (170 kg each), mainly due to reduced production in Maharashtra. This revision follows inputs from state associations as of March end. The total cotton supply up to March is estimated at 306.83 lakh bales, which includes 25 lakh bales of imports and 30.19 lakh bales of opening stock. Mill-held stocks stand at 27 lakh bales, while the remainder is distributed among the Cotton Corporation of India (CCI), Maharashtra Federation, and the trade. Exports for the season are estimated at 16 lakh bales—down sharply from the previous year’s 28.36 lakh bales. Imports, however, are projected to more than double to 33 lakh bales as domestic output falters. About 25 lakh bales had already arrived at ports by March end. On the global front, U.S. export forecasts were reduced by 100,000 bales, with ending stocks increasing accordingly. Global production is expected to fall slightly by 69,000 bales due to lower outputs in several countries, though partially offset by increased Chinese production. Technically, the market is under short covering, with a 30% drop in open interest to 70 contracts while prices rose 70. Support is now seen at 54,510 and resistance at 54,910, with further upside possible to 55,150.
SELL COTTONCANDY JUL @ 54800 SL 55100 TGT 54500-54200. MCX
COCUDAKL
SELL COCUDAKL JUN @ 2990 SL 3020 TGT 2960-2940. NCDEX
KAPAS
SELL KAPAS APR @ 1585 SL 1595 TGT 1575-1565. NCDEX
