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“Support for the commodity is seen at 1380 level while 1465 is the resistance. Buy on dips is advised to the traders,” he added.

25 Feb 2013

MUMBAI(Commodity Online): On the NCDEX, overall trend of cotton seed oilcake( cocudakl ) for March delivery is looking positive. In near term, further upside is expected for the commodity.

The contract was trading on a positive note at Rs 1427, a gain of 2. 59% as of 11.29 AM IST, Monday.

“Over all trend of cocudakl for March delivery is looking positive and more upside is expected in near term,” said Milan Shah, Research Analyst, Commodity Online.

“Support for the commodity is seen at 1380 level while 1465 is the resistance. Buy on dips is advised to the traders,” he added.

According to reports, demand for cotton seed seems to be improving in the physical market. Still, better demand is expected in March. Supply of cotton seed is constrained and may dip further in coming days.

Cotton supplies since the beginning of the year in October 2012 until February 10, 2013 were down at 183.4 lakh bales, down from 189.27 lakh bales a year earlier.

The Cotton Advisory Board has estimated cotton production this season (Oct 2012 to Sep 2013) at 330 lakh bales against the previous estimates in October at 334 lakh bales.

Also, exports and domestic consumption has been revised upward to 253 and 80 lakh bales respectively from 250 and 70 lakh bales estimated earlier. As on January 9 this year, nearly 38 lakh bales were registered for exports.


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