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Cotton candy exhibited a rise of 0.27%, closing at 59940, driven by concerns of reduced production. In Gujarat, sowing increased by almost 5% with 2,679,299.00 hectares, surpassing the previous year’s sown area of 2,545,105.00 hectares. However, India’s overall sowing witnessed a decline of nearly -1.82% to 122.56 lakh hectares in 2023 compared to 124.82 lakh hectares in 2022.
Cotton arrivals during the current season, which began in October last year, have surpassed 318 lakh bales, as reported by the Cotton Corporation of India, according to the Southern India Mills’ Association (SIMA). India is facing its lowest monsoon rains in eight years, with anticipated El Niño weather conditions leading to reduced September precipitation. In the major spot market, the price of cotton candy concluded at a value where it dropped by a certain percentage.
Technically, the cotton candy market experiences fresh buying, evident from the increase in open interest by 6.25% to settle at 68. Simultaneously, prices rose by 160 rupees, indicating a shift in market sentiment. Key support and resistance levels provide insights into potential price movements. Cotton candy finds support at 59760, and breaking below this level could lead to a test of 59590. On the upside, resistance is anticipated at 60100, and surpassing this level might result in prices testing 60270.
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