SELL KAPAS APR @ 1595 SL 1605 TGT 1585-1575. NCDEX - Kedia Advisory
Cottoncandy
Cottoncandy prices declined by -0.53% to settle at 54,160, as traders booked profits following recent gains driven by concerns over domestic supply tightness. The downward move came amid a 2.82% drop in open interest, signaling long liquidation pressure in the market. Despite the price correction, fundamentals remain supportive due to a projected decline in India’s cotton output. The Cotton Association of India (CAI) revised its 2024–25 crop estimate lower by 4 lakh bales to 291.30 lakh bales of 170 kg each, with significant production losses anticipated in Maharashtra. Cotton imports for the 2024–25 season are now expected to more than double to 33 lakh bales, up from last season’s 15.20 lakh bales, as supply concerns intensify. CAI estimates imports of 25 lakh bales have already arrived by the end of March. Meanwhile, total cotton supply till March end is pegged at 306.83 lakh bales, while stocks at the end of March stood at 127.83 lakh bales. Cotton exports are projected to fall sharply to 16 lakh bales from 28.36 lakh bales in the previous season, with closing stocks expected at just 23.49 lakh bales by September 2025. On the global front, the U.S. Department of Agriculture reported lower production and consumption estimates, with a 100,000-bale rise in ending stocks to 5.0 million bales. Technically, cottoncandy is witnessing long liquidation. Immediate support lies at 53,740, and a break below could push prices toward 53,310. Resistance is seen at 54,670, with a potential test of 55,170 on bullish momentum.
SELL COTTONCANDY MAY @ 54300 SL 54600 TGT 54000-53700. MCX
COCUDAKL
SELL COCUDAKL JUN @ 3050 SL 3080 TGT 3020-2990. NCDEX
KAPAS
SELL KAPAS APR @ 1595 SL 1605 TGT 1585-1575. NCDEX
