MCX Cotton under fresh selling; Resistance seen at 24016

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Technically Cotton market is under fresh selling as market has witnessed gain in by 0.05% to settled at 4034 while prices down 30 rupees.

Now MCX Cotton is getting support at 23916 and below same could see a test of 23873 level, And resistance is now likely to be seen at 24016, a move above could see prices testing 24073.

Cotton on MCX settled down by 0.13% at 23960 due to reports of lower sowing this season compared to last season. The prices were at high due to lower sowing and reports of pink bollworm has again attacked cotton plants in Maharashtra this year.

As per Commerce ministry data, cotton exports in May surged by 27.6% to 5.7 lakh bales as compared to last year. Cotton acreage till last week was down by 4% on year to 109.8 lakh hac compared to 114.3 lakh ha las year, according to the farm ministry data.

FAS India forecasts marketing year 2018/19 cotton production at 28.7 million 480 lb. bales on 11.85 million hectares but cut its estimate for India’s cotton closing stocks in 2018-19 (Aug-Jul) to 14.07 mln bales (1 bale = 218 kg) from 14.33 mln bales pegged earlier.

The Cotton Advisory Board (CAB) has said that India’s cotton exports are likely to increase by 20% during the current cotton season of October, 2017 to September, 2018, over last year.

added that exports are expected to touch 70 lakh bales by September this year. From October, 2017 to 2018, the total amount of cotton exported from India was 51.21 lakh bales. Farmers in the country have sown cotton across 5.46 mln ha in the ongoing kharif season, down 24% from the year-ago period.

Trading Ideas:
–Cotton trading range for the day is 23873-24073.
–Cotton gained due to reports of lower sowing this season compared to last season.
–The Cotton Advisory Board (CAB) has said that India’s cotton exports are likely to increase by 20% during the current cotton season.
–As per Commerce ministry data, cotton exports in May surged by 27.6% to 5.7 lakh bales as compared to last year.
–Cotton prices in spot market gained by 60.00 rupees and settled at 23330.00 rupees. 

Courtesy: Keedia Commodities

Source: Commodityonline.com