Cotton candy yesterday settled up by 0.37% at 60440 as arrivals in Punjab have been recorded at almost one-third of the previous year, 2021-22. In Punjab, the arrival of cotton in the 2022-23 marketing season has been recorded at 8.7 lakh quintals to date this year, while it was 28.89 lakh quintals for the entire 2021-22 season. USDA weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with increases primarily for China.
During this Kharif season, cotton cultivation in Gujarat has achieved a remarkable milestone, surpassing the records of the past eight years. The state's farmers have successfully planted cotton across an extensive 26.64 lakh hectare area, showcasing a stark contrast to the declining trend witnessed in other major cotton-producing states. Gujarat, known as India's largest cotton producer, has accomplished cotton sowing in a total of 26,64,565 hectares (ha) as of July 31, according to official data from the state Directorate of Agriculture. Data from the USDA showed that the projected 2023 US crop remained unchanged at 16.5 million bales. However, there were adjustments made in other areas, as the acreage planted was lowered, abandonment was reduced, and the expected yield was also lowered. Moreover, exports for the soon-to-end 2022 crop year were lowered by 100,000 bales, and those for the 2023 crop were cut by 250,000 bales. In Rajkot, a major spot market, the price ended at 28824 Rupees gained by 0.11 per cent.
Technically market is under short covering as the market has witnessed a remain unchanged in open interest by 0% to settle at 381 while prices are up 220 rupees, now Cottoncandy is getting support at 60120 and below same could see a test of 59810 levels, and resistance is now likely to be seen at 60620, a move above could see prices testing 60810.
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