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COTTONCANDY

Cotton prices settled at 58,880, a -0.41% decrease driven by profit booking, following a USDA report reducing U.S. cotton production to 12.8 million bales for 2023/24 due to lower yields in Texas. Notably, Brazil is set to surpass the U.S. in cotton production and exports, marking a historic shift. Australia saw a surge in cotton exports to China, reaching 61,319 metric tons in August, worth $130 million. In contrast, India's Cotton Association revised its estimate for the 2022-23 season slightly upwards to 31.8 million bales. However, this figure differs from the government's estimate of 34.3 million bales. The 2023-24 cotton season in India is expected to yield between 33 to 34 million bales. Although cotton acreage in Telangana decreased due to unfavorable weather conditions, cotton picking is expected to gain momentum in the coming weeks. The pre-sowing price forecast for cotton in 2023-24 anticipates normal rainfall and an increase in crop area. In the Rajkot spot market, cotton prices ended at 27,615.25 Rupees, dropping by -0.4%. From a technical standpoint, the market is witnessing fresh selling, with open interest increasing by 3.74% to settle at 111. Prices have fallen by -240 rupees. Support for Cottoncandy is at 58,580, with potential testing at 58,290. Resistance is expected at 59,180, and a move above may lead to a test of 59,490.

BUY COTTONCANDY NOV @ 58600 SL 58400 TGT 58900-59100. MCX 

Cocudakl

SELL COCUDAKL DEC @ 2800 SL 2840 TGT 2750-2720. NCDEX

Kapas

SELL KAPAS APR @ 1655 SL 1675 TGT 1635-1620. NCDEX