18-09-2024 10:41 AM | Source: Kedia Advisory
Sell KAPAS Apr @ 1640 SL 1655 TGT 1620-1610. NCDEX - Kedia Advisory

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Cotton candy

Cotton prices edged up by 0.17% to settle at 58,670 as the USDA lowered India's cotton production forecast for the 2024-25 season to 30.72 million bales due to crop damage from excessive rains and pest issues. Acreage in cotton for the current kharif season is also down by around 9%, with 110.49 lakh hectares compared to 121.24 lakh hectares last year. Despite these challenges, raw cotton arrivals have begun in Punjab's mandis, offering some support to prices. Cotton exports for the 2023-24 season, ending in September, are projected to rise significantly, with an estimated 28 lakh bales exported, largely driven by demand from Bangladesh and Vietnam. This marks a substantial increase from the 15.50 lakh bales exported in the previous year. On the other hand, cotton imports have risen to 16.40 lakh bales, up from 12.50 lakh bales last year. The Cotton Association of India (CAI) estimates closing stocks as of September 30, 2024, at 23.32 lakh bales, down from 28.90 lakh bales a year ago, while consumption is expected to reach 317 lakh bales. Globally, the U.S. cotton balance sheet for 2024/25 shows lower production, exports, and ending stocks, with U.S. production forecasted at 14.5 million bales, down 600,000 bales from August. World cotton production is reduced by 1.2 million bales, as declines in the U.S., India, and Pakistan offset gains in China. Technically, the market is seeing short covering, with open interest down by 3.42%. Cotton prices are finding support at 58,270, with a potential test of 57,860. Resistance is likely at 59,020, with a move above potentially testing 59,360.

BUY COTTONCANDY SEP @ 58000 SL 57600 TGT 58500-58800. MCX

 

COCUDAKL

SELL COCUDAKL DEC @ 3060 SL 3120 TGT 3000-2960. NCDEX

 

KAPAS

SELL KAPAS APR @ 1640 SL 1655 TGT 1620-1610. NCDEX

To Read Complete Report & Disclaimer     Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer